G. Kumar Naik Critiques New Income Tax Act Amendment
Member of Parliament G. Kumar Naik has voiced concerns regarding the recent amendment to the Income Tax Act proposed by the Central Government, asserting that it could have detrimental effects on the services provided by Chartered Accountants.
During a discussion organized by the District Commerce and Industries Association alongside the Chartered Accountants Association in Yadgir on July 26, Naik expressed his disappointment with the government’s approach. The Central Government has proposed amendments to the Income Tax Act. But, it could have conducted a wide discussion with experts before taking a decision,” he stated. He emphasized the importance of collaboration and invited Chartered Accountants to prepare a detailed report outlining how the proposed changes would affect their work, promising to raise the issue in the Lok Sabha.
The discussion also highlighted the opinions of various Chartered Accountants present at the event. Many expressed that advancements in digital device technology are likely to impact their personal and professional lives significantly. Consequently, they urged the Central Government to consider these implications while amending the Act.
Notable attendees included Dinesh Kumar Jain, Chairman of YDCCI, Vivek Totloorkar, Chairman of the Tax Committee, and Channamallikarjun Akki, all of whom contributed to the discussions surrounding the potential impacts of the amendment on the accounting profession.
Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.