The Union Budget this year has several proposals that give a thrust to compliance, said T.P. Krishnakumar, Chief Commissioner of Income tax - Coimbatore.
He inaugurated the Compliance Conclave organised by Confederation of Indian Industry (CII)-Coimbatore here on Friday.
The budget has also brought more responsibilities to professionals. Further, there are other recently introduced measures by the Government that highlight the need for compliance. “We are in an age where compliance is necessary,” he said. Mr. Krishnakumar also highlighted several efforts by international agencies that have brought compliance to the fore in the last couple of decades.
G. Karthikeyan, convenor of the economic affairs and taxation panel of CII-Coimbatore, said there is more stress on compliance now. With businesses becoming virtual and crossing boundaries, rules have become complex. But, ignorance of law cannot be an excuse for non-compliance.
According to Nethra J.S. Kumar, chairperson of CII-Coimbatore, compliance of laws and regulations are of paramount importance for any organisation. The CII has organised the programme to disseminate information on various statutes.
A “Tax Compliance Handbook” that is a compilation of rules and regulations of Direct Tax, Indirect Tax, Labour and Other Laws and can be a ready reference guide was also released.
