SGCCI Seminar Highlights Tax Laws, ChatGPT Benefits

Surat, Gujarat — A powerful blend of tradition and technology marked the recent Study Circle Series seminar hosted by the Southern Gujarat Chamber of Commerce and Industry (SGCCI) and the Southern Gujarat Income Tax Bar Association (SGITBA) at the Samriddhi Building in Nanpura. The session focused on tax laws for charitable trusts and the revolutionary impact of ChatGPT in professional practice.

Renowned chartered accountant CA Suresh Kabra, speaking on the taxation of charitable trusts under the Income Tax Act, emphasized the importance of timely compliance. “If the trust completes the income tax work by April, the process becomes seamless,” he noted. He elaborated on Sections 10(23C) and 11, which allow trusts to claim tax exemption if at least 85% of their income is used for charitable or religious purposes.

He added, “If the income exceeds ₹2 crore, an audit is mandatory and must be filed using Form 10B or 10BB.” Further discussing Section 80G, Kabra pointed out that donors can receive 50% or 100% tax exemption depending on the nature of their donation and the trust’s registration.

In a forward-looking session, CA Johnny Jain highlighted the practical uses of ChatGPT in the tax and accounting domain. “ChatGPT helps with instant answers, document preparation, and 24×7 assistance. GPT-4.0 has become an indispensable tool for daily operations,” he said. He emphasized the AI’s role in data management, cost reduction, and innovation, stating that it also provides source references, ensuring transparency in information.

The event began with a welcome address by  Dhiren Tharnari, with Advocate  Anil Shah and Advocate Nikhil Patkar introducing the speakers. The seminar was expertly anchored by  Dipesh Shakwala, co-chairman of SGCCI’s income tax committee. Advocate  Amresh Upadhyay concluded the event with a vote of thanks, applauding the insightful discussions.

This seminar served as a knowledge bridge between evolving tax regulations and emerging digital tools, offering valuable takeaways for Surat’s professional community.