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CA Sunil Arora from Delhi told the members that classification of income under different heads, at different rates of taxes, and the dividing line is contentious issue. Speaking about wealth tax, he said this area was being overlooked both by department as well as assesses. However, due to escalation in the prices of immovable properties and jewellery, this branch of direct taxes has again become relevant, he said.
PS Kohli from Delhi, speaking on the subject of formation of private trust for minors, told the members that tax payers have been finding innovative ways by forming different titles. President of the Association Anup Jain, secretary Subash Jain and more than 200 members took part in the seminar.
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