Bengaluru, December 13: Supreme Court Justice Ujjal Bhuyan stated that the introduction of the new tax laws, which incorporate technology-based schemes to ensure transparency and efficiency, will prove highly beneficial to the common man.
He was speaking after inaugurating the 28th National Convention organized jointly by the All India Federation of Tax Practitioners (AIFTP), the Karnataka State Chartered Accountants Association (KSCAA), and the Bengaluru Branch of SIRC of ICAI at the Palace Grounds today.
Justice Bhuyan highlighted the historic transition in the tax regime, noting that the Income Tax Act of 1961 has been repealed after six decades to be replaced by the Income Tax Act, 2025. “This new Act will come into effect from next April. Significant emphasis is being placed on simplifying compliance and driving digital transformation,” he said.
Focus on Reducing Bias and Simplifying Forms “Priority is being given to reducing human bias in the system. Technology-driven initiatives are being introduced to foster transparency and efficiency,” Justice Bhuyan explained.
He further detailed that comprehensive definitions have been provided for Virtual Digital Assets and the digital space under the new framework. Additionally, ITR forms and quarterly TDS forms have been redesigned to be simpler and more easily understandable for the general public.
He also commended tax practitioners and auditors for their dual role in facilitating tax payments and aiding in the detection of tax evasion.
Speaking on the occasion, High Court Chief Justice Vibhu Bakhru remarked that transparent and strict tax collection is essential for further improving the country’s economic condition. “The responsibility of strengthening our nation’s economy for the 2047 vision lies with everyone. The spirit of ‘this is our country’ must be embraced by all,” he asserted.
New President Takes Charge During the event, CA S. Venkataramani assumed office as the National President of the All India Federation of Tax Practitioners.
Addressing the gathering, CA Venkataramani said, “I am grateful for the trust you have placed in me by electing me as President, and I promise to uphold it. Having held various positions in this field, I look forward to fostering knowledge sharing and cooperation.”
Dignitaries Present The event was attended by AIFTP Immediate Past President Samir S Jani, KSCAA President C.A Shivaprakash Viraktamath, Bengaluru Branch Chairman CA Manjunath, Convention Chairman CA F.R. Sanghvi, and Organizing Committee members, G.S. Prashanth, Raghavendra Puranik, Ravindra Kore among others.
