JK traders, industrial fraternity mull joint response to Income Tax ‘pressure’
Srinagar, Dec 11: The premier business and industrial bodies in J&K are jointly working out a strategy to fight against what they said the Income Tax Department’s undue pressure on compliance of Income Tax Act in the state.
The representatives said J&K cannot be treated like any other state in India for purposes of income tax, for the simple reason that “we are a backward state that has been in the throes of violence and political unrest for the last two decades.”
“We deserve concession because the trade and commerce here has not grown at a scale it has in other states in India,” they said.
They said unlike in other places the department in J&K had failed to generate awareness about different provisions of the Income Tax Act among the traders and common people.
The representatives while expressing serious concern over a recently passed judgment by Income Tax Appellate Tribunal (ITAT), A itsar, on central excise duty refunds, said apart from that judgement, “we are facing immense pressure from the IT department who treat us at par with our counterparts in Delhi and Mumbai for the purpose of charging the tax, notwithstanding the fact that we have suffered immense business and financial losses during the two decades.”
Chairman, Federation of Industries Jammu, Devender Mahajan said they along with the Federation Chamber of Industries Kashmir (FCIK) would soon contest the verdict of ITAT and would devise a strategy to fight “harassment by the Income Tax department.”
“We will jointly strategize and contest the decision of ITAT within two or three days, for otherwise it can harm the interests of the industry,” he said.
“We shall soon be working out a joint strategy to fight it out,” seconded Shakeel Qalander, president FCIK, adding that the apex business organizations of the state were currently discussing the issue and shall go for a press conference in a few days.
President Kashmir Traders and Manufacturers Federation, Muhammad Yaseen Khan, said they too were seriously mulling some strategy to evade the “undue pressure” from the department.
“Within a couple of days we will have a meeting with the members of other traders’ organizations, wherein we will decide the future course of action,” he said.
President, Kashmir Chamber of Commerce and Industry (KCCI), Nazir A Dar, said the chamber shall discuss the issue in the EC meeting.
“We shall chalk out the strategy in the meeting as to how to go ahead on this issue.”
On ITAT decision, he said it had left the business community in a dilemma that “whether or not to believe government’s claims henceforth.”
“If government announces some scheme, it should stick to what it has said. But when they have announced some benefit and then made that benefit taxable, how can we be sure of such claims in future? So it has definitely created confusion,” Dar said, adding that the government should clear its stand on the issue.
President Jammu Chamber of Commerce and Industry, Y V Sharma, said the verdict was against the principle of justice.
“On one hand they are providing us with some incentive and on the other they are putting a tax on that. These two things are contradicting each other,” he said, adding that they shall soon be discussing how to peruse the matter in a combined meeting.
He added that they have already discussed the matter with the finance minister and requested him to raise the issue in an appropriate forum.
Echoing the concern, Mahajan said the government had provided a tax holiday to those who undergo for substantial expansion or install new units. “So the decision is no less than a cheating and is going against the Section 214,” he said.
“They are arguing that the amount refunded is an income from the other sources and not from industrial activities, whereas we receive funds only after setting up industrial units,” he added.
President Kashmir Traders Federation, Jan Muhammad Koul, said they shall take a decision only after the apex chambers of commerce and industries in the state would work out some strategy.
FCIK president said J&K should not be treated equally with other states of India with regard to income tax.
“On one hand we are witnessing things like harassment and human rights violations and on the other the income tax department is seeking compliance of the Income Tax Act in J&K. It is not possible,” said Qalander.
Despite repeated attempts commissioner Income Tax Department J&K could not contacted.
Lastupdate on : Fri, 11 Dec 2009 21:30:00 Makkah time
Lastupdate on : Fri, 11 Dec 2009 18:30:00 GMT
Lastupdate on : Sat, 12 Dec 2009 00:00:00 IST
- MORE FROM GK BUSINESS
- JK traders, industrial fraternity mull joint response to Income Tax ‘pressure’
- API Gurus: Promoting business through SMSes
- MPs cannot supervise commercial activities of banks: FM
- ‘Artificial insemination facilities being augmented in Jammu’
- TAAK hails drive to de-list non-functional travel agencies
- Tata Teleservices launches Photon TV
- VA Tech Wabag to provide WTP to Commonwealth games ‘10
- MIA seeks reorganization
- HUDCO work reviewed
- Industrial growth at 10.3%
- Selja assures completion of tourism projects
GK NEWS NETWORK
Srinagar, Dec 11: Annoyed at the slow pace on the flyover construction at Hyderpora square, the Minister for Roads and Buildings, GM Saroori, has pulled up the executing agency and set July 2010 as deadline More
CHAIRS TASK FORCE MEETING
GK NEWS NETWORK
Jammu, Dec 11: The Chief Minister, Omar Abdullah today said up gradation of health sector to ensure quality medicare to the people was the prime concern of his government. “While education More
‘Rather, Sagar should resign on moral grounds’
‘PDP RECRUITED FAVOURITES’
NASEER AHMADSrinagar, Dec 11: Day after the High Court issued notice to Peoples Democratic Party leaders in Muslim Auqaf Trust case, the National Conference and PDP started a war of words on the issue More
- GK Business
Srinagar, Dec 11: The premier business and industrial bodies in J&K are jointly working out a strategy to fight against what they said the Income Tax Department’s undue pressure on compliance of Income More