ICAI, FinMin officials interact in post-Budget discussions

New Delhi, Mar 9 (UNI) The Institute of Chartered Accountants of India (ICAI) officials today called for extension to other cities, the present concessions granted for hotels in the National Capital Region (NCR) of Delhi in the Union Budget 2007-08 proposals.

Presenting their views on the provisions of the Finance Bill, 2007, the institute representatives further requested the Government for restoration of the powers of the Commissioner to condone delay in making application for registration of a charitable trust. The power has been removed in the budgetary proposals.

Regarding disallowance of expenditure under the proposed new sub-section (3) of Section 40, the ICAI members, taking part in an interface with Finance Ministry officials, suggested that modern modes of payment such as electronic clearing services and mail transfer services should be permitted.

Mr Arbind Modi, Joint Secretary (TPL-II), Ms Anita Kapur, Joint Secretary (TPL-I), Mr R Sekar, Joint Secretary (Service Tax), Mr Sushil Solanki, Commissioner of Central Excise (CBEC) and Mr G D Lohani, Additional Commissioner, CBEC, took part in the discussions.

While the pre-lunch session was devoted to discussion on direct taxes, in the post lunch attention was given to indirect taxes.

Issues relating to excise and service tax were raised by the CAs including service tax on works contract, audit by CAs for service tax and service tax on commercial rented premises.

On the request of the Finance Ministry, ICAI will forward a detailed memorandum containing points for the persual of the Ministry officials.

UNI