The Hindu : Tamil Nadu News : Help government tighten laws, chartered accountants told

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Monday, Dec 29, 2008
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Tamil Nadu

Tamil Nadu

Help government tighten laws, chartered accountants told

Special Correspondent

CHENNAI: Minister of State for Law and Justice K. Venkatapathy on Sunday urged the chartered accountants to help the government strengthen the laws and streamline the procedures.

Delivering the valedictory address at a training programme on ‘real estate and construction industry,’ he said the inputs from chartered accountants would help in drafting laws to protect the local industry from dumping and unfair trade practices by developed nations.

Referring to a large number of fraudulent land deals, in which unsuspecting and gullible Non-Resident Indians were taken for a ride, he said it was time chartered accountants stepped in to protect the interests of honest businessmen and landowners. “Advocates have to draft the documents with care, using their legal expertise. Architects and builders must ensure that plan approval is obtained from the appropriate authorities, besides various clearances. Adherence to the laws of the land will help build our nation… The professionals have a great role to play in setting the situation right.”

Chief Commissioner of Income Tax Karn Singh urged the chartered accountants to persuade their clients to pay taxes regularly. “Though the assesses have filed returns under the self-assessment scheme, they have not paid their dues of almost Rs.10 crore to the department, stating lack of funds.”

Referring to the grim situation caused by the global recession, Mr. Singh said his department had to strive to meet the tax collection target of Rs.3,95,000 crore for the current year, as against Rs.3,35,000 crore last year. “The situation was good till August 2008, but it turned worse in September. The tax collection in the first two quarters was good, while it might decline in the third quarter. Till date, we were able to collect Rs.2,31,000 crore, and we might achieve the target.”

Sanjeev Maheshwari, chairman, committee for members in industry of the Institute of Chartered Accountants of India (ICAI), said the institute would organise a mid-career campus from January 23 and 25 in Mumbai to enable chartered accountants to widen their horizon. P. Rajendra Kumar, chairman, Southern Indian Regional Council of the ICAI, also spoke.

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