At the outset, I congratulate the organizers of All India Federation of Tax Practitioners for conducting the National Tax Conference with a theme ‘Tax Profession, Challenges and Opportunities’, jointly with the other three Tax Bar Associations, which will go a long way in acquisition of knowledge and experience after a wonderful interaction in all the sessions, which are to follow.

Luckily, this Conference should be proud to have our Hon’ble Chief Justice Shri Anil R. Daveji as a chief guest and inaugurate the Conference. Apart from he being the head of the State Judicial Institution, he happens to be a tax practitioner as a chartered accountant. Therefore, I am sure, his presence and message would certainly add silver lining.

With the advent of the global economy and widening net of the market enterprises, the corporate field is virtually extending its tentacles and jurisdiction in every nook and corner of everyone’s life irrespective of the nature of profession and activity. It is now felt necessary for everyone to have the full-fledged awareness of the incidence tax. It is gladdening to note that with the ever-increasing corporate investment and financial activism, a common man’s living standards have brightened along with the financial resources. Therefore, he has to more than, take care of the assets but worry about how much he has to contribute towards the taxes.

In this scenario, the responsibilities of those who are professing in the tax field had increased enormously. In fact, it has become equally a challenge. Sharpness in thinking and assessing with a foresight are required, since every investor or a citizen has become very conscious of all of his rights and he is on the fast move. You are now dealing with intelligentia. The ever changing scenario in the existing corporate individuals, either by way of giving birth to new or diminishing the existing; the so called system of Hindu Undivided Families have almost reached its zenith disappearing into oblivion. Even there is much variation in the individual constituents apart from adding to separations between the spouses. May be all these can be attributed for various social compulsions, but cannot be ruled out for the sake of tax planning.

Be that as it may, the effect of this required to be borne before one takes a decision on the advise to be given. Therefore, with the historical social background and moral values where we believed wonderful existence of joint families, the need of the hour is to usher in the schemes with all the added tax benefits in favour of such system rather than encourage.

With the backdrop of civil side, I feel that there is any amount of variations in most of the legal principles, both in personal and or otherwise with that of on the taxation side. However, I wonder, how much a tax practitioner should know other laws outside the taxation field – yet, I can safely say, during the course of our sittings as the tax Bench, I realized that there is no derth in it with you.

Since these platforms gives scope for good understanding, the same can be extended by involving other bar associations and professions so that the problems can be viewed from different perspective in a more pragmatic way.

With these few words, I once again thank the organizers of this function for giving this opportunity.

Thank you.