Evolution in chapters
CHENNAI: As the words “Writing a book is like leaving a legacy, and a history for the future” echoed, Evolution of Amendments to Provisions of Income Tax Relating to Trusts and Institutions by CA R Ramachandran was launched in the city. The book was released by Debendra Narayan Kar, IRS officer, at Anna Centenary Library on Tuesday.
Addressing the 70-odd audience, he said, “People say Income Tax is a penal statute because it imposes tax liability, penalty, and prosecution provisions. But many do not know that charitable and social activities are also promoted through the provisions of the Income Tax Act.”
Consolidating changes
Terming them as “soft power”, Debendra added that these tax exemptions are applicable to the donors and the institutions — providing social and charitable activities — that receive them. The sections that allow exemptions are a few but have gone through a number of changes. “The last four to five years have gone through tremendous changes in the sections, some explained in detail further while some were withdrawn. To understand the reason behind them everybody should read this book by Ramachandran,” he pointed out.
For the last eight months Ramachandran and one of his students have been going through the Income Tax Act Amendments to trust and institutions in particular. “I went through the Act from 1961, understood the reason behind every addition, withdrawal, and amendments to the act and documented this book as a history,” shared Ramachandran. This book will be useful for CA aspirants who will get in-depth knowledge of various amendments, whereas the practitioners can refer to all the amendments in one single book, he said.
For exam preparations
The event was conducted by The Chartered Accountants Study Circle (CASC), an organisation that exchanges professional insights with fellow professionals. They encourage talents to author books, papers, newsletters, booklets and other publications. One of the many talents is Ramachandran. His professors and colleagues were present at the release.
One of them, S Maruthu Pandian, IRS officer, said, “Debates about the definition of charity have been going around since the inception of the act but it will no longer be. The evolution of amendments book explains how the definition was derived and the meaning behind each word used.”
The other eminent industry figures present were R Bupathu, past president of Institute of Chartered Accountants of India, TN Manoharan, Sekar, M Kandasami who received the first copy of the book. They praised Ramachandran and wished that students preparing for CA exams make utmost use of the book.
‘Evolution of Amendments to Provisions of Income Tax Relating to Trusts and Institutions’ by CA R Ramachandran is available at C Sitaraman & Co. It is priced at Rs 350.