KCCI discusses tax concerns with Principal Commissioner Income Tax J&K

Srinagar, Mar 11: The Kashmir Chamber of Commerce and Industry (KCCI) held an interactive meeting on tax-related issues today with the Principal Commissioner of Income Tax for Jammu and Kashmir and Ladakh, Vikram Sahay, alongside Shakil Ahmad Ganie, Deputy Commissioner of Income Tax Srinagar. The meeting held at the chamber office was attended by KCCI office bearers, executive committee members, Tax consultants and Chartered Accountants.

A statement said that KCCI President Javid Ahmad Tenga warmly welcomed the esteemed guests, expressing gratitude for their presence amidst their busy schedules.

Tenga articulated the pressing concerns of the local business community and taxpayers regarding tax payments, non-compliance issues, and the attachment of bank accounts of assesses. He emphasised the need for enhanced communication and awareness programmes to address these challenges effectively.

In response, Principal Commissioner Vikram Sahay highlighted the success of the "Vivad Se Vishwas" outreach programme, which has led to over 100 applications for the settlement of outstanding tax dues.

He acknowledged a significant improvement in advance tax payments by the corporate sector between December 2024 and February 2025, emphasising that timely payments could help businesses avoid penalties.

Addressing the issue of bank account attachments, Sahay explained that such actions often stem from non-compliance. He assured that the Income Tax Department has adopted a lenient approach and encouraged those with grievances to come forward for resolution.

“We are here to support the business community and address their concerns,” he stated.

Secretary General Faiz Ahmad Bakshi highlighted significant concerns regarding the plight of assesses who have received notices for non-payment over the past three decades. Despite numerous appeals and requests for rectification, there has been a lack of resolution in many cases, leaving these individuals in a state of uncertainty. Additionally, it was noted that several assesses, despite having their appeals settled, have not received their due refunds, further exacerbating their financial burdens and contributing to a growing sense of frustration within the community.

KCCI members and Tax consultants seized the opportunity to raise the wrong reporting of GST sales which results in mismatch of figures during TDS filings, the wrong specific queries related to tax compliance, rectification processes, and the implications of the new tax regime.

The Principal Commissioner responded positively to each inquiry, stating that the Income Tax Department is commitment to facilitating a smoother tax experience for local businesses. He assured that agenda based meetings will be held to which the Commercial Tax Department will also be invited to discuss the complications arising out of wrong GST accounting.

The session concluded with a call for continued dialogue between the KCCI and the Income Tax Department to foster a better understanding of tax obligations and responsibilities. President KCCI Tenga reiterated the importance of awareness programmes to educate taxpayers about the evolving tax landscape and compliance requirements.

President Tenga emphasised that the increase in tax collection in Kashmir is a clear indicator of growing compliance among taxpayers in the Valley.

Among Chartered Accountants and Tax Consultants who attended the meeting included:  CA Altaf Hussain Mir, CA Ishtiyaq Ahmad, CA Asjad Qadri, CA Muheeb Wani, CA Javid Zaman Buch, CA Aqib Ahmad, Tax Consultant Firdous Ahmad.