The Tax Research Department of the Institute of Cost Accountants of India (ICAI-CMA) organized a seminar on Tax Evasion and Tax Reforms in India at CII Northern Zone Headquarters, Sector 31 on Sunday.
Issues related to tax evasion, tax avoidance and its causes were discussed in the seminar. Experts discuss how tax reforms are effective in curbing tax evasion.
He felt that the government initiates reforms to simplify the tax structure, but due to faulty drafting or complexity of provisions, taxpayers evade tax. Anil Sharma, chairman of the tax committee of ICAI’s Northern India Regional Council, talked about how faulty laws lead to unnecessary litigation that ultimately leads to tax evasion.
Rakesh Bhalla, chairman of the Direct Taxes Committee of ICAI, emphasized on the change in the definition of accountant under the Income Tax Act 1961.