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| ACTF demand increase in audit limit | | |
EARLY TIMES REPORTER
JAMMU | SEPT 7
Association Chamber of Traders Federation (ACTF) has demanded that audit limit should be increased from Rs. 40 lakh to Rs. one crore while cash entry transaction should be hiked from Rs. 20,000 to Rs. 40,000.
These demands were raised by ACTF in a general meeting held with commissioner income tax here today.
Speaking on the occasion president of the federation Yash Paul Gupta appealed to the commissioner, K Varinder Singh to settle the old pending cased and ensure less harassment of the law abiding businessmen in the name of tax revenue collection. He also assured full cooperation to the department.
Meanwhile, the commissioner income tax appreciated the support of federation in revenue collection and said that the tax revenue from J&K state has substantially increased 719.2 crore this year against Rs. 258 cr last year. But he also warned that 40 per cent of the taxpayers from business community is evading tax despute notices issued to them. If they don’t pay off the due tax, department would be compelled to take a strict action against them he said.
He assured that there be no unnecessarily harassed in the name of tax collection. Other members of the Income tax department who were present on the occasion include Additional Commissioner Hament J. Lal, Joint Commissioner Sushil Kumar and Assistants Commissioner Kailash B.K.Singh.
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