The Salem Branch of the Southern India Regional Council of the Institute of Chartered Accountants of India has organised a series of seminars on various subjects of professional relevance for the benefit of its members to update their knowledge in taxation and other areas.

The seminars were presided by G. Goudhaman, Chairman of Salem Branch of SIRC of ICAI.

It organised a seminar on “Emerging Issues in Indirect Taxation and Valuation of Taxable Services Under Works Contract Composition Scheme – Effects of Amendments” in which K.S. Ravishankar and N. Anand, advocates from Bangalore, addressed the participants.

Mr. Ravishankar explained the emerging issues in indirect taxation worldwide especially the proposed goods and services tax in India.

N. Anand spoke on taxable services under works contract composition.

In another seminar on “Taxability of Gifts and & Intestate succession and HUF Tax planning,” K. C. Devdas from Hyderabad addressed.

He explained the various intricacies involved in gifts, inter-state succession and HUF with reference to Income Tax Act. He also expressed anguish over the way in which the elderly people were treated by their sons after getting their assets and requested the participants that Chartered Accountants should have social responsibility while advising the elderly people on gifts and advice them to make a will in such a way that the assets were to be with them till their lifetime and after that it could go to their heirs as most of the people admitted their parents at the Old age Homes after taking their assets and savings.

At a study circle meeting on `Micro, Small and Medium Enterprises Development Act, 2006′ and on various subsidies available to Small and Medium Enterprises from Central and State Governments was also organised subsequently.

K. Mariappan, president, Productivity Council and Small and Medium Entrepreneurs Association, Salem, said about the recent visit by a group of business community to Gujarat to know the industrial and technological developments and also the recent developments in textile industry. He explained the various schemes of the State and the Central Governments for small and medium enterprises. Another seminar on `Reporting and Disclosure Requirements under the Companies Act, 1956 and Accounting Standards,’ detailed about its various provisions of the international financial reporting standards.

Financial reporting

Jomon K. George from Ernakulam explained about the proposed international financial reporting standards and its applicability to the Small and Medium Companies and also compared it with the Indian Accounting Standards. Various provisions of the corporate laws and about the checklist for the company audit also were dealt with.

Chartered Accountants from Salem, Namakkal, Dharmapuri, Tiruchengode, etc participated.

SOURCE: THE HINDU