Kolkata, February 20 (H.S.) – A consultative session was held to discuss the New Income Tax Bill, 2025, where experts emphasized the need to review various provisions. Advocate Narayan Jain stated that while the bill simplifies the Income Tax Act, certain stringent provisions require amendments. He particularly highlighted the mandatory filing of income tax returns within the due date to claim refunds, calling it too rigid. He suggested that taxpayers should be allowed to claim refunds even if they file belated returns within nine months after the end of the financial year.

He further pointed out that the provision for recording sworn statements during surveys is inappropriate and contradicts the Supreme Court ruling in the CIT vs. Kader Khan case. During the session, CA Dilip Loyalka discussed capital gains regulations and appreciated the provision allowing adjustment of long-term capital losses with short-term capital gains.

Shilpi Malik, Vice President of DBS Bank, spoke about the bank’s efforts in providing exclusive banking services to high-net-worth clients through its Kolkata network. She mentioned that DBS Bank supports its clients in managing their business, investments, and banking needs. She also highlighted that DBS Vantage Card holders receive privileges such as airport lounge access and memberships at premium hotels like Taj Bengal, ITC Hotels, and JW Marriott.

The event was jointly organized by Concern for Calcutta and Calcutta Citizen Initiative in collaboration with DBS Bank. Attorney O.P. Jhunjhunwala welcomed the guests, while CA K.N. Gupta delivered the vote of thanks. Key contributors to the session included Philip Williams, CA B.G. Roy, Sameer Dutt, Pawan Pahadia, K.S. Adhikari, Ramakant Surelia, Lekha Sharma, Satish Kapoor, Gopeshwar Agarwal, L.N. Purohit, Navratan Pincha, Rakesh Nahar, and Subhadra Ghosh, who played an active role in making the event successful.

Hindusthan Samachar / S P Singh