Srinagar, June 13: The Kashmir Chamber of Commerce and Industry (KCC&I) on Thursday hosted an interactive session with Dr. Ruveda Salam, Joint Commissioner of Income Tax J&K, along with senior officials from the Income Tax Department.
The session was attended by office bearers, executive members and chartered accountants. The meeting provided a platform for a meaningful exchange of ideas and concerns between the business community and the tax authorities.
President KCC&I, Javid Ahmad Tenga, presented a comprehensive overview of the prevailing business environment in Kashmir. He highlighted the pressing issues being faced by traders and industrialists, particularly in relation to tax compliance, assessments, and procedural delays.
One of the key grievances raised by the members was that appeal cases and exemption hearings for Kashmir-based assessees are being held in Chandigarh and Jammu, creating unnecessary inconvenience. The Chamber stressed the need for these matters to be heard in Srinagar to ensure easier access and timely resolution.
The discussion focused on the concerns surrounding Advance Tax, the deadline for which falls on June 15. KCC&I members pointed out that tax collections in the current quarter are likely to be lower due to the noticeable dip in business and economic activity following the April 22 incident, which had adversely affected market sentiment and operations.
The members also flagged the need for better coordination and joint sessions between the KCCI , Income Tax and GST departments to streamline compliance processes and address overlapping issues. The idea of holding regular joint metering or facilitation meetings was proposed to iron out differences and ensure a better understanding of tax provisions among stakeholders.
Dr Ruveda assured that the concerns raised by KCC&I would be taken seriously and efforts would be made to resolve them in a time-bound manner.
She also elaborated on the key points related to TDS, Advance Tax , and quick disposal of appeals, and encourage the members to proactively engage with the Department through formal channels.KCCI stressed upon opening Income Tax ward for dealing with cases enjoying exemption in Srinagar which currently were located in Chandigsarh & Jammu.
The meeting concluded with a vote of thanks to the visiting officials and a collective commitment by KCC&I and the tax authorities to foster a supportive tax environment for businesses in the Valley.
