Income Tax Department organized an interactive session on advance tax and grievance redressal with top tax payers of J&K here.
The interactive session on advance tax attended by business fraternity viz. Hotel Associations, Tour & Travel Operators, Shikara & House Boat Association, Chamber of Commerce and tax pro- fessionals-Charted Ac- countants, Advocates & Tax Consultants at “The Chinars”AaykarBhawan, Srinagar.
The event was attended by around 50 taxpayers and tax professionals including R.A Punjabi (Former President KCCI), Farooq Ahmad (Burza group), Dildar Ahmad (PresidentPHAROgroup), Abdul Gafoor (Kashmir Art Centre), Bilal Ahmad Dar (Owner of Pick & Choose), Manzoor Seerat Ali Shah (owner of Ali Shah carpets), Charted Accountants & Advocates namely Altaf, Amir Jan, Bashir Ahmad, Manjoor Ahmad Malik, Mustaq Mir. The programme was chaired by M.P. Singh, Principal Commissioner of Income tax, J&K and Ladakh.
Shakil Ahmad Ganie, Deputy Commissioner of Income Tax Srinagar welcomed the taxpayers and tax professionals and highlighted the impor- tance of paying advance tax for both taxpayers and the government.
He stated that from the taxpayers’ perspective, it helps in managing cash flow as they pay taxes in instalments rather than facing a significant bur- den at the end of a finan- cial year.
It also ensures compli- ance with tax laws and avoids penalties for non- payment or delayed pay- ment of taxes.For the government, advance tax ensures the availability of funds throughout the year to meet various ex- penditure requirements and contributes to the stability of the economy.
Later, Rahul Padha, Joint Commissioner of Income Tax, Srinagar took the stage and stated that the abrogation of Article 370 of the Constitution and normalization of security scenario in the state has given a much needed im- petus to the economy of the state which was in shambles earlier.
“For the past 2-3 years and particularly from the last year, the valley has seen an unprecedented rise in number of tourists visiting Kashmir.
