Income tax has always appeared as a tough task for a common tax paying citizen while planning tax is a herculean task for almost every taxpayer.
As the Financial Year 2020-21 is ending in two weeks, KIIT School of Commerce & Economics (KSCE) organized a workshop on “Tax Planning with regards to individuals” on virtual mode, for the faculties and staff of KIIT-DU on 19th March 2021.
Prof. Sunil Gupta, Chartered Accountant, Professor of Management Studies, IGNOU, Delhi and a tax expert and graced the workshop as the Keynote Speaker. Prof. Gupta talked about various provisions of the Income Tax Act applicable to individual assessees, explaining how an individual can plan their tax by making various investments. He also mentioned the Direct Tax Code (DTC), which the government is planning to bring into effect very soon, and what impact it is going to have on individual assessees.
He explained in detail how the EEE (Exempt-Exempt-Exempt) system for specified investments will be replaced by EET (Exempt-Exempt-Tax) after the introduction of DTC and how the new system will prove to be a win-win situation for both the taxpayers and the government. Prof. Sunil Gupta also deliberated on how the quantum aspect and time aspect have to be taken care of to make judicious investments.
Faculty Members, Staff and students from different schools of KIIT-DU participated in large numbers in the workshop and availed the benefit of learning judicious investments and tax planning.