Accounting Standard 22 and Practical Aspects of Income Tax Return Filing’

The PG Department of Commerce in association with SDS Accosphere Advisors Private Limited organized a Guest session on ‘Accounting Standard 22 and Practical Aspects of Income Tax Return Filing’ on 26^th October 2022. The Resource Person for this session was CA Sonam Daivajna, Director at SDS Accosphere Advisors Private Limited, Margao. The aim of the session was to create awareness about various aspects of Income Tax Return filing and to guide students in filing returns. A total of 47 students from M.Com Part I & M.Com Part II attended the session. Mr. Myron Pereira, Asst. Professor in Commerce welcomed the audience. Mr. Anand Kumar from M.Com Part II introduced CA. Sonam Daivajna.

Sonam Daivajna commenced the session by giving a brief overview on AS-22 (Accounting for Income Tax). She informed about ‘PAN’ and what the different characters on ‘PAN’ card depict. She explained Section 139(1) of the Income Tax Act 1961 which states who should and who shouldn’t file ITR. She informed about the due date for filing ITR for individuals as well as for corporate and consequences of non-filing or delay in filing of returns. She explained about Form 26 AS and Form 16 of Income Tax. She showed students the Income Tax portal and demonstrated the procedure for filing the Income Tax Return. She highlighted the objective of Accounting Standard 22 (Accounting For Income Tax). She also explained about accounting profit and taxable profit and the difference between them. She informed about Section 43B of the Income Tax Act 1961 and explained the concept of deferred tax asset and deferred tax liability. She spoke about the disclosure requirements under AS-22 wherein she mentioned about the disclosure notes where breakup of DTA and DTL is reflected. Lastly, the session concluded with career guidance on CA and preparation for the CA exam.

It was an informative session, as the students learned about AS 22 and various aspects of Income Tax Return filing. The program concluded with a Vote of Thanks proposed by Ms. Meena Choudhary from M.Com-II.