Tax practitioners told to update knowledge, professional skills

Tirupati: Tax practice today needs much more specialisation within legal province and the tax practice demands adequate knowledge of accountancy, economics besides fair knowledge of various laws including commercial laws, personal laws and laws related to properties,' said Acting Chief Justice of AP High Court C Praveen Kumar here on Saturday.

He said the tax practitioners should strive to constantly update their knowledge and professional skills to keep abreast of the latest laws to extend a better service.

Justice Praveen Kumar was the chief guest at the two-day National Tax Conference (NTC) which began here on Saturday and said that taxation is not a new concept but was found that the kings in the olden days implemented it for revenue while Koutilya's Artha Sastra has a chapter on Taxation and Moghal kings also followed it and collected various taxes for improving revenue. He said taxation is though the right of the government it should be in accordance with principles of justice and fair play.

In this connection he said that economy, finance and revenue are complimentary to each other and should go hand in hand for the development of the country.

Dr Ashok Saraf, national president of All India Federation of Tax Practitioners (AIFTP), said that the NTC is packed with lot of learning to enrich the practitioners with the knowledge in topics covering recent development in Direct and Indirect tax laws for discussion in the conference.

The historical monuments will make learning a pleasure and the NTC will enable good networking and create long-term intangible assets of fond memories, he observed.

He said the theme of the conference is `Knowledge is divine – Learning to Live' cover most of topics relating to GST Act and problems faced by the stakeholders and the practitioners.