SRINAGAR, MARCH 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.
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 assessees.
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.
Secretary General Faiz Ahmad Bakshi highlighted significant concerns regarding the plight of assessees who have received notices for non-payment over the past three decades. Despite numerous appeals and requests for rectification, many cases remain unresolved, leaving individuals in a state of uncertainty. Additionally, several assessees, 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 raised issues such as the wrong reporting of GST sales, which results in figure mismatches during TDS filings, as well as specific queries related to tax compliance, rectification processes, and the implications of the new tax regime. 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. Among the chartered accountants and tax consultants who attended the meeting were CA Altaf Hussain Mir, CA Ishtiyaq Ahmad, CA Asjad Qadri, CA Muheeb Wani, CA Javid Zaman Buch, CA Aqib Ahmad, and tax consultant Firdous Ahmad.
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