It is a matter of Pride for India’s leading IT Association, TAIT (Trade association of Information Technology) which is celebrating their Silver Jubilee year this year. TAIT Board also Unveiled their 25 Years Silver Jubilee LOGO during one of their Event.
Trade Association of Information Technology (TAIT) was formed in March 1996 to represent the interest of IT community in the ecosystem of Manufacturers, Distributors / Sub-distributors / Resellers, System Integrators & Service Providers. TAIT has over 300+ members representing the complete spectrum of IT organizations. The association was formed to uphold the larger interest of the IT trade, which represents Major business of Mumbai’s IT industry. It’s a forum where the challenges of Mumbai’s domestic IT Industry business is heard and understood. TAIT is themost proactive, leading IT association of India.
On the Occasion of their Silver Jubilee year, TAIT provided Unique E-Identity by way of E-Business Card to all their members,which is one of its kind. This E-Business Card contains their members’ entire Profile, Location map, All Contact Details, Product Line and much more. The same can be transferred to your contact with the click of a button.
As a part of TAIT’s tradition of continuous efforts to Upskill their Members on various aspects of Business, TAIT organized a very informative Session on New Taxation provisions of TCS and Faceless Assessment scheme of 2020, by a Young and dynamic Practicing Chartered Accountant, CA Hansal Bavishi who is also a contributing writer in the Institute of Chartered Accountants of India (ICAI) Journal, among various other professional columns and journals.
Excerpts of the session, which may come handy to all the Tax Payers.
1) Faceless Assessment Scheme, 2020 – It was introduced on 13 August 2020 by Hon’ble PM Shri Narendra Modi which is set to completely change the way income tax assessments are carried out in India. It is slated to entirely eliminate human interface between the taxpayers and income tax officials.
2) TCS on sale of Goods – With effect from 1 October 2020, tax shall be collected at source by a seller of goods from the buyer of goods subject to certain conditions.
The speaker, CA Hansal thoroughly enlightened the members of TAIT on both the topics, sharing practical experience, knowledge and insights on how to deal with the impact it will have on compliances, day to day operations and business in general.This was followed by questions, where the speaker took up various questions the attendees had on the topics.
All in all, it was an immensely helpful sessions for all the attendees because it would be absolutely imperative to comply with and look out for the rapid changes introduced. As a result, what was supposed to be a session for an hour, got extended to over 90 minutes.
Praveen Khandelwal, National Secretary General of Confederation of All India Traders (CAIT), one of the most respected Business Leader in India, on Special Invitation from TAIT, addressed TAIT Members during this event.
Praveen Khadelwal congratulated TAIT and all its members on their Silver Jubilee year, and assured to work and resolve challenges that the IT Trade is facing.
The session was concluded by Vote of thanks from TAIT President Samir Parekh.