Come October and the heat is felt, temperatures rise,
pressure mounts, and reaches its peak. We are in the midst of deadlines tax
audits, tax returns, service tax returns, TDS returns and more. Under these
pressures I must remind you members, do not forget to take care of your health,
manage your time and sleep well.
I wish the Government realises the kind of pressures that
professionals and businesses are subject to, and will soon spread over the due
dates of the various returns, such that the work is well spread out.
Soon thereafter we will be in November which ushers in the
festivals of light, hope and happiness. I take this opportunity to wish you and
your family a Very Happy Diwali. May the New Year bring in peace, happiness and
good health to you and all your family.
The obnoxious F.B.T. provisions and the Circular No. 8/2005
has been a talk of the town. Several seminars and lecture meetings have been
held by various professional bodies including your Chamber. Like the Mumbai
rains the queries are unreceding. Writs have been filed in some High Courts and
more may perhaps be filed in due course. The law on FBT needs to be struck down.
As far as my memory serves this is the first time that such law has evoked so
much of controversy that the Ministry had to come out with 107 FAQs. Oh what
simplicity – the law !! This law will keep the courts and professionals busy and
occupied. We need to register our protests against such obnoxious provisions and
unproductive law resulting into a national waste of productive energy.
The recently concluded TAXCON 2005 was yet another joint
programme organised by the five professional organisations in the city. The
Conference was inaugurated by Hon’ble Justice Shri V. C. Daga of the Bombay High
Court. The Chamber thanks Justice Daga for having graced the Conference and
delivering his keynote address on "IMPACT OF GLOBALISATION ON THE INDIAN LEGAL
SYSTEM & THE LEGAL PROFESSION". The theme of the conference was "FISCAL CHANGES
AND PROFESSIONAL CHALLENGES". The theme was apt. The various guests and speakers
lauded and appreciated the concept of sense of co-operation between the five
professional bodies in the city of Mumbai. I personally believe in such acts of
co-operation. I would love to see greater participation and involvement of the
members at these joint programmes at sustainable levels.
WISHING YOU ALL COMPLIMENTS OF THE SEASON.
A. S. Merchant
President
