Centre revises income tax target for JK at Rs 550 crore
‘Duty drawback is not the income derived from the business activities’
Jammu, Sept 10: Commissioner, Income Tax department, Jammu B L Razdan said the union government had increased the income tax target for the state and “now the department has to do some more work to meet the revised target.”
“Last year the income tax collection in the state was Rs 454 crore, whereas the target for this year has been set at Rs 510 crore. However, the target has again been upwardly revised to Rs 550 crore,” Razdan said.
He said the department had already collected over Rs 33 crores this year. “Our objective is to achieve target in time,” he emphasized.
Razdan said the Supreme Court had recently held that the duty drawback provided by the government to boost industry and trade in various regions of the country was not the income ‘derived from the business activities.’
Addressing media here the other day Razdan said the ruling would have a long term impact in J&K and would settle the confusion among the industrialists and traders about the tax incentives by the union government.
To a question on the interest charged on the tax not paid within stipulated time, Razdan said the department was stepping up in this regard and had recovered over Rs 3 crores as interest charges. However, he said in most of the cases the officials were responsible for non-recovery of interest.
CIT BL Razdan informed that the Zonal Conference also discussed in detail the provisions with regard to the New Direct Taxes Code. “The provisions with regard to the New Direct Taxes Code also came up for discussion,” he informed.
Razdan said the department had issued notices to 100 political leaders of different parties in J&K to pay their tax dues as per the details of assets in their affidavits filed before the election commission.
He said the assessment of income of the politicians was done on the basis of the declaration of their income made in their affidavits before the election commission.
Lastupdate on : Thu, 10 Sep 2009 21:30:00 Makkah time
Lastupdate on : Thu, 10 Sep 2009 18:30:00 GMT
Lastupdate on : Fri, 11 Sep 2009 00:00:00 IST
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