Thanks to the efforts taken by Shri N.P. Jain, Chairman, AIFTP (Eastern Zone), Shri S.N. Sahu,President, All Orissa Tax Bar Association, Shri B.K. Mohanty, Conference Chairman, Shri B. Panda, Co-Chairman and Shri S.K. Poddar, Dy. President, AIFTP for arranging the first National Tax Conference for the terms 2010 & 2011 at Cuttack which was a runaway success.

The march of law is particularly fast in the field of taxation. Apart from precedential growth, there are few statutory changes likely to be commenced in the system of taxation. For example change from Value Added Tax to GST. The introduction of Central GST in place of Central Excise Duty, Addl. Excise Duty, Service Tax, Addl. Customs Duty, Special Customs Duty, Surcharge, Cess etc. which will be included in CGST; State GST will include VAT/Sales Tax, Entertainment Tax, Luxury Tax, Entry Tax, Cess and Surcharges; from Income Tax to Direct Tax Code, make it necessary, if not obligatory, for professionals to be abreast of the development of law.

The role of a Tax Professional has changed over the years. While the role of a Tax Consultant earlier was merely to represent an assessee in the assessment, proceedings or the appeal, as the case may be, and advising on the further course of action thereon, the present day Tax Lawyer or Consultant or Chartered Accountant assumes the role of a friend, philosopher and guide. This new role casts an onerous burden on him making it obligatory for him to assume an active role in the management of the tax affairs of the client keeping to the right side of law. The fast changes in Tax Laws, either statutory or judge made, make it absolutely essential for the Advisor to be up to date with the fast changing law. This requires a continuous process of education.

We heartily welcome the Circular issued by the CBDT by which, for the employees covered by the Payment of Gratuity Act, the limit of Gratuity exemption u/s 10(10(ii) has been increased from Rs. 3.5 lakhs to Rs. 10 lakhs.

We also wish to bring to your notice a recent Circular issued by SEBI about formation “SME Exchange” as a separate trading platform in the existing Stock Exchange such as BSE, NSE, etc. Further, the Ministry of Corporate Affairs has issued a Circular on 26-5-2010 granting immunity to those companies who have not complied with some of the requirements of filing documents with ROC if outstanding normal fees and 25% of additional fees are paid. In another Circular dated 26-5-2010 the Defunct Companies are given an Easy Exit Scheme. Both the Schemes will be operative from 30-5-2010 to 31-8-2010.

The Seminars, Conferences, Workshops or Refresher Courses give a broad spectrum to the professionals to update their knowledge and to discuss the problems with the seniors who are expert in the subject.

AIFTP is organising Two Days National Tax Conference at Hyderabad on 3rd & 4th July, 2010. I wish the members of the Federation would avail of this facility and have maximum participation.

With good wishes,

[M. L.  PATODI]
National President