Rakesh Bhalla, Chairman, Direct Tax Committee of the ICAI emphasised the change of definition of accountant under Income Tax Act 1961.
The Tax Research Department of The Institute of Cost Accountants of India (ICAI-CMA) organised a seminar on Tax Evasion and Tax Reforms in India at CII Northern Region Headquarters, Sector 31, on Sunday.
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Issues regarding tax evasions, tax avoidance and reasons thereof were discussed in the seminar. Experts discussed how tax reforms are effective to curb tax evasion.
They felt government introduces reforms to simplify tax structure but due to faulty drafting or complexity of provisions, assesses commit tax evasion. Anil Sharma Chairman Tax Committee of Northern India Regional Council of ICAI talked about how faulty laws enhance unnecessary litigation which ultimately lead to tax evasion.