Karnataka MP says new amendment to Income Tax Act will impact services of Chartered Accountants

Member of Parliament G. Kumar Naik believes that the new amendment to the existing Income Tax Act proposed by the Central Government would adversely impact services providing by Chartered Accountants.

He was speaking during a discussion held by the District Commerce and Industries Association and Chartered Accountants Association about new amendments to the Act, in Yadgir on July 26.

“The Central Government has proposed amendments to the Income Tax Act. But, it could have conducted a wide discussion with experts before taking a decision,” he said, and added that if Chartered Accountants provide a detailed report on how the new amendment would impact their work, he would raise the issue in the Lok Sabha.

Most of the chartered accountants, who spoke at the event, said that digital device technology would impact their personal lives, and therefore, the Central Government should keep this in mind while amending the Act.

Dinesh Kumar Jain, Chairman of YDCCI, Vivek Totloorkar, Tax Committee Chairman, and Channamallikarjun Akki were among those present at the event.