SGCCI Launch 9-Day Tax Study Series in Surat

Surat, Gujarat – The Southern Gujarat Chamber of Commerce and Industry (SGCCI), in collaboration with the Southern Gujarat Income Tax Bar Association (SGITBA), has launched a 9-day Study Circle Series on Direct and Indirect Taxes in the diamond city of Surat. The initiative, which began on May 5 at the Samriddhi Building in Nanpura, Surat, aims to raise awareness and understanding of taxation among professionals and the general public.

The inaugural session featured detailed presentations by Advocate CA Viresh Rudlal and Advocate CA Pragnesh Jaggasheth, both of whom shared insights into critical provisions of direct taxes, recent amendments, and important case laws.

Speaking at the event, Ramesh Vaghasia, Immediate Past President of SGCCI, said, “In today’s rapidly changing economic landscape, taxation knowledge is essential for both professionals and common citizens. Through this series, we aim to simplify the complexities of taxation and promote informed compliance.”

CA Viresh Rudlal, addressing the gathering, emphasized the growing importance of faceless assessments. “While faceless assessments ensure transparency, the outcome depends heavily on the quality of submissions. Taxpayers should be meticulous during filing and ensure they clearly explain any errors. Staying calm during assessments and cooperating with authorities helps in faster resolution,” he advised. He also elaborated on the Disha Apex Case decided by the Mumbai High Court, illustrating practical challenges faced by taxpayers.

CA Pragnesh Jaggasheth offered a deep dive into Sections 68 to 69C of the Income Tax Act. “For Assessment Year 2023-24, authorities may even examine the ‘source of the source’. However, for earlier years, this is not mandatory. It’s important for taxpayers to understand when and what disclosures are necessary,” he explained. He also discussed the Rajiv Bansal Supreme Court judgment, shedding light on unexplained investments and monetary transactions.

The event was anchored by Dipesh Shakwala, Co-Chairman of the Income Tax Committee, while Prakash Bhambhani, Co-Chairman, formally introduced the expert speakers. The session was well-received by tax professionals, with an interactive Q&A allowing attendees to clarify their doubts.

SGITBA President Kulin Pathak outlined the purpose of the series and emphasized the importance of continued learning in the field of taxation. Former SGITBA President Anil Shah extended a vote of thanks and applauded the speakers’ efforts to simplify complex tax laws.

The 9-day workshop will feature experts covering various aspects of Direct and Indirect Taxes, including GST, Faceless Appeals, and AI in Taxation. On May 6, Advocate Hemant Desai and CA Manthan Chavat delivered an insightful session on Indirect Taxation and the role of Artificial Intelligence in tax analytics.

This joint initiative by SGCCI and SGITBA promises to equip professionals with the knowledge needed to navigate India’s evolving tax regime effectively.