Excelsior Correspondent
JAMMU, Jan 15: Chamber of Commerce & Industry Jammu in communication to Union Finance Minister Arun Jaitley and Dr Jitendra Singh, MoS in Prime Minister’s Office has submitted that the Income Tax collection target fixed for the Department of Income Tax in J&K for the current financial year (2014-2015) is very much on the higher side, considering the ground realities that the businessmen are facing hardships due to recent flash floods in the State.
In letter flashed to the Union Ministers, the CCI president Rakesh Gupta pointed out that even the premier institutions like J&K Bank shall also not be able to contribute so much this year towards the Income Tax revenue because of the losses suffered by them in the recent floods, hence, the trade and the industry can’t bear this burden. The tourism and the hospitality sector which is the main source of economy of J&K State, needs no mention that to how much extent it was hit during the current financial year.
The Chamber requested the Union Finance Minister and the Minister of State in Prime Minister’s Office that considering the ground realities the last financial year’s Income tax collection target of Rs. 880 crores be fixed for the current financial year 2014-2015 also for J&K State.
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