Underlying the need of paying taxes, chief secretary BVR Subrahmanyam said 75 percent of the funds for state’s budget come from New Delhi. He said that J&K government is not even able to meet its salary bill out of its own revenue.
“J&K gets 75 percent of the budget from New Delhi. What we pay as taxes in J&K is far lesser than what we get from the centre. We are beneficiaries of the taxes paid by the people, so we should also pay taxes honestly,” Subrahmanyam said while speaking at a seminar cum awareness workshop on TDS and TCS provision of Income Tax Act, 1961 organised by the Income Tax department at SKICC here.
“State doesn’t have enough financial resources to meet its own salary bills,” he said adding that tax collection helps government for infrastructure and developmental activities.
Urging assessees to pay taxes on time, he said “IT department is more powerful than your DGP, army core commander. But we should not compel them to show their power, rather we should settle our dues on time. Revenue generated from taxes plays an important role in making public life good.”
He said that over the years, IT department has made lot of innovations which has made paying taxes on time easily. Income Tax department has become people friendly.
He said the introduction of technology and more innovation in the tax collection process has made the department more user-friendly as the taxpayers can now pay their returns online while sitting in any part of the world.
He said the state government has also put in place highly innovative and automated system in operation for hassle-free tax collection and filing of TDS returns.
The Chief Secretary appreciated the income tax department for organising the awareness workshop and emphasized on creating greater awareness on tax deducted at source (TDS) compliance.
Principal Chief Commissioner of Income Tax Chandigarh circle, Madhu Mahajan exhorted upon officials to create awareness about the tax deducted at source and tax collected at source among assessees. “Taxes are used for public welfare which will help society. Therefore it is responsibility of every citizen to pay taxes on time.”
She said awareness workshop on TDS/TCS has been organised with a view to aware officials about IT provisions.
This workshop would help in disseminating information and at the same time we get the feedback for officials working in state and central department in J&K about TDS.
PareshJohri, Commiioner of Income Tax TDS, Chandigarh, Manish Gupta, Joint Commissioner of Income Tax, TDS Ludhiana , RN Sahay, Principal commissioner of Income Tax, Jammu, BVR Subrahmanyam chief secretary, Naveen Kumar Choudhary, commissioner secretary Binay Kumar Jha, chief commissioner of income tax Amritsar, Bashir Ahmad Bhat Assistance commissioner IT, Srinagar circle, and Sunil Kumar Income tax officer, TDS Srinagar were present on the occasion.
The drawing and disbursing officer, account officers from state and central department participated in the seminar.
On the occasion, they were given awareness by IT officials about tax collected at source (TCS) and tax deducted at source (TDS)
TCS is income tax collected in India payable by the seller who collects in turn from the buyer and it is provided under section 206C of Income Tax Act, 1961 at the sale of some goods which are specified.
TDS is simply tax deducted at source. As per the Income Tax Act – persons responsible for making payments are required to deduct tax at source at prescribed rates. Instead of receiving tax on your income from you at a later date, the government wants the payers to deduct tax before hand and deposit it with the govt.