KCCI raises biz community’s concerns with Income Tax Dept

The Kashmir Chamber of Commerce and Industry (KCCI), the region’s leading trade body, convened an interactive session on Wednesday with senior officials from the Income Tax Department to address pressing tax-related issues affecting the business community in Kashmir.

During the meeting, KCCI highlighted several critical concerns, particularly the freezing of bank accounts, which has caused significant hardship for traders and the general public. The Chamber pointed out that many businesses had seen their deposits classified as unexplained credits, resulting in tax demands far beyond their financial means.

“Many businesses have found their deposits classified as unexplained credits, leading to tax demands that exceed their financial capabilities,” the statement said.

The KCCI delegation emphasised the need for a more lenient approach to these matters, advocating for authorities to consider granting stays at a reduced deposit rate, well below the usual 20 per cent, in line with previous judicial rulings.

In addition, the delegation raised the issue of delayed processing of appeal effects. KCCI urged the authorities to expedite these processes to ease the financial strain on taxpayers.