April 25, 2019
Coimbatore : Compliance in the long run will effectively help a business to succeed by building a positive public image and consumer trust, a senior income tax official said Thursday.
Compliance need not be considered only for tax laws but also in the regular life, Commissioner of Income Tax, (TDS) V S Kumar said while inaugurating the 2nd edition of Compliance Conclave organised by CII here.
Such program will not only enhance the awareness for compliances of various laws but also ensure business continuity is not affected because of non-compliances, he said.
The compliance benefits enhancing customer and investor confidence, achieving improved operations, higher employee retention and managing competition. he said.
G.Karthikeyan, Convenor, Economic Affairs & Taxation Panel, CII Coimbatore threw light on several Indian and International MNCs which have tried to be non-compliant to the rules of their land and global trade policies and how they paid more in fine than they evaded by fraudulent or evasive practices.
He emphasized why complying to laws are important to fair trade and also highlighted the challenges in complying. For instance, in the past, it was mandatory for companies with a capital of Rs.10 crore or more to appoint a full time company secretary.
However, it has now been made compulsory for all business companies to appoint a full time company secretary if the capital value of the company is Rs. 5 crore or more. This has led to the shortage of qualified company secretaries and many are in demand.