Srinagar: The Income Tax department has recorded a tax collection of Rs 1110 crore in Jammu and Kashmir during the financial year 2020-21.
As per the official data accessed by Greater Kashmir, J&K Bank continues to be the highest income taxpayer in the Union Territory. The data further reveals that out of the total Rs 1110.44 crore collected in J&K, Rs 672.81 crore was collected in J&K it includes J&K Bank’s income tax. In the Kashmir division, Rs 437.63 crore were collected.
As per the data of the Central Board of Direct Taxes in comparison to the previous year, the tax collection in J&K has shown a slight dip which officials attribute to the economic meltdown post-COVID.
In 2013-14, IT collection in J&K was Rs 1,459 crore, in 2014-15 Rs 1284.22 crore, 2015-16 Rs 1383.96 crore, 2016-17 Rs 1,091.08 crore, 2017-18 Rs 1302.6 crore and 2018-19 recorded Rs 1563 crore.
Principal Commissioner of Income Tax (PCIT) Srinagar, MP Singh said residents of J&K should pay their taxes diligently. "People should pay their taxes diligently and come under the tax ambit without any fear as both the Income Tax and CGST departments have undergone a sea change in the past few years” Singh said.
Singh emphasised that the objective of establishing the newly inaugurated office in Srinagar, with a senior-level officer overseeing the entire charge of Principal Commissioner of Income Tax, is to make the Department more accessible to the people of J&K.
He said that economic development without financial discipline cannot bring self-respect among people. "The first step towards financial discipline is to pay their due taxes and file their ITRs which is a very essential process. The department accepts the ITRs as such in 99% of cases and in the territories like J&K, less than 0.2% returns are scrutinized that too under the watchful eyes of senior-most authorities" said Singh.
He reiterated that there is no scope of any bias or harassment anymore under the new transparent and accountable tax regime. He further spoke about the “Faceless Scheme”, under which all scrutiny proceedings would be conducted online to ensure smooth compliance and transparency of the proceedings.