P.Sathasivam, Former Chief Justice of India, later in his address said that the structural barriers in tax code that put entrepreneurs in disadvantage should be remedied, so that entrepreneurs can make decisions to take risks based on what it signals and not on the tax code.
Coimbatore: The Tax Code confers several advantages to entrepreneurs. The key for policy makers is to identify places where the code can be improved so that it does not stand in the way of entrepreneurs' success, said P.Sathasivam, Former Chief Justice of India at the 162nd Income Tax Celebration here on Sunday.
The event was held on Sunday at Hindusthan College of Arts & Science.
The Income Tax Day is celebrated every year on July 24th (since 2010) to commemorate the implementation of this tax system in the country in 1860, and also to promote the payment of taxes and educate potential taxpayers that payment of taxes is the duty of citizens and a vital contribute to the country’s progress.
Mora Bhupal Reddy, Chief Commissioner of Income Tax, Coimbatore who presided the event extended his wishes to all IT officials and said his appreciation goes to all taxpayers for their role in nation-building.
A.R.S. Kumar, Principal Commissioner of GST, Coimbatore in his address congratulated the IT Department for going steady in its twin objective; revenue collection and implementation of tax policy in a fair and transparent manner.
Tax are not just source of revenue for the Government but tools to achieve effective socio economic development, he said.
S.S.N. Moorthy, Former Chairman, CBDTexpressed that in an advancing economy, share of direct taxes should be more than indirect taxes, and that is the scenario in India; even though there were some fluctuations in a few years, the tempo of it is good.
In the last 12 years Direct Taxes have become more tech-driven. The pace at which a person files IT returns and getting refunds is fast today because of technology implementation.
P.Sathasivam, Former Chief Justice of India, later in his address said that the structural barriers in tax code that put entrepreneurs in disadvantage should be remedied, so that entrepreneurs can make decisions to take risks based on what it signals and not on the tax code.
He said it is the tax officials duty to inform the policy makers here and in Delhi, about the ground difficulties faced by entrepreneurs. To know their difficulty, he opined that the ITdepartment officials should develop a friendly relationship.
During the pandemic small medium enterprises (SMEs) were mostly affected, he said. To avoid such issues in the future, a policy reform is needed, so that this most vulnerable sector is protected in case of any fluctuations in the economy, he said.
"You can set up a provident fund. A Corpus fund should also be created. A small percentage of the tax paid by small and medium enterprises' tax payers could be diverted to the Corpus fund of the respective enterprise and this fund can be used by the respective enterprise in case of any emergency," he opined.
Following his address several tax paying elite businessmen, industrialist and business tycoons of Coimbatore were honoured with shield and memento.
S.Malarvizhi, Chairperson, Sri Krishna Institutions, Dr.C.Palanivelu of Gem Hospital, Manickam of Sakthi Group, Nataraj of KPR Mills Ltd.were some of the awardees.
Receiving the award, S Malarvizhi said Sri Krishna Institutions (SKI) which had 5000 in 2010 has grown to become a group of educational institutions that have 25,000 students today.
The support rendered by the Government and Private entities in this growth has been important, she said and extended her thanks to all who are a part of SKI's succes story. She thanked the Chief Commissioner of IT Coimbatore for the honor conferred.