SRINAGAR: The Kashmir Chamber of Commerce and Industry (KCCI) held an interactive meeting today with the Principal Commissioner of Income Tax for Jammu and Kashmir and Ladakh, Vikram Sahay, and Deputy Commissioner of Income Tax Srinagar, Shakil Ahmad Ganie, to discuss tax-related concerns faced by the business community. The meeting, held at the chamber office, was attended by KCCI office bearers, executive committee members, tax consultants, and chartered accountants.
KCCI President Javid Ahmad Tenga welcomed the officials, expressing gratitude for their engagement despite their busy schedules. He raised pressing concerns regarding tax payments, non-compliance issues, and the attachment of bank accounts of assesses. Stressing the need for better communication and awareness programmes, he urged the Income Tax Department to address these challenges effectively.
Responding to the concerns, Principal Commissioner Vikram Sahay highlighted the success of the “Vivad Se Vishwas” outreach initiative, which has received over 100 applications for settlement of outstanding tax dues. He noted a significant improvement in advance tax payments by the corporate sector between December 2024 and February 2025, stating that timely payments could help businesses avoid penalties.
On the issue of bank account attachments, Sahay explained that such measures were largely due to non-compliance but assured that the department was adopting a lenient approach. “We are here to support the business community and address their concerns,” he said, encouraging those affected to approach the authorities for resolution.
KCCI Secretary General Faiz Ahmad Bakshi raised concerns over long-pending tax notices dating back three decades, saying that despite repeated appeals, many cases remained unresolved, leaving assesses in financial distress. He also pointed out that some individuals had yet to receive their due refunds even after their appeals had been settled, adding to their burden.
KCCI members and tax consultants also flagged discrepancies in GST sales reporting, which lead to mismatches in TDS filings. They sought clarifications on compliance, rectification processes, and the implications of the new tax regime. In response, Sahay assured that the department remained committed to ensuring a smoother tax experience for businesses. He announced that agenda-based meetings would be held in future, with the Commercial Tax Department also invited to address issues related to incorrect GST accounting.
The meeting concluded with a call for continued dialogue between the KCCI and the Income Tax Department to enhance understanding of tax obligations. Tenga reiterated the importance of awareness programmes to educate taxpayers about evolving tax regulations and compliance requirements, noting that the rise in tax collection in Kashmir reflected growing compliance among businesses in the Valley.
The meeting was attended by several chartered accountants and tax consultants, including Altaf Hussain Mir, Ishtiyaq Ahmad, Asjad Qadri, Muheeb Wani, Javid Zaman Buch, Aqib Ahmad, and tax consultant Firdous Ahmad.
