Srinagar: Following a successful outreach program with DDOs and Account Officers of various Government departments in Anantnag, the department conducted a tax awareness and interaction session with the local business community and trade association at Dak Bungalow, Anantnag. Chaired by Rahul Padha (Joint Commissioner of Income Tax, Srinagar), the event aimed to promote tax compliance among small businessmen and professionals.
M.L Dogra (Income Tax Officer, Udhampur) commenced the session by emphasizing the importance of filing ITRs and paying taxes honestly. He highlighted the poor tax compliance in Anantnag and nearby areas, urging people to file their ITRs regularly to avoid scrutiny.
Rahul Padha cautioned the audience about the department’s scrutiny of individuals with substantial cash deposits in their bank accounts without filing ITRs. Notices are being issued to such individuals, and in the absence of a credible explanation, tax, interest, and penalties will be levied. He urged timely compliance to avoid hardships later and advised updating email IDs on the Income Tax portal.
Lokesh Yadav (Inspector) presented information about the Presumptive Taxation Scheme, designed for small businessmen, traders, and professionals to relieve them from the burden of maintaining detailed books of accounts. Under this scheme, those with an annual turnover of less than 2 crores can have their income computed on a presumptive basis at 8% of their total turnover or gross receipts. Digital transactions receive an additional benefit of a 2% reduction, computing income at a rate of 6%.
Professionals with total gross receipts not exceeding Rs 50 lakhs (or Rs 75 lakhs if cash transactions are below 5% of gross receipts) can also benefit from this scheme. The taxable income in such cases would be 50% of gross receipts. Transport businesses can also utilize this taxation scheme for simplified ITR filing.
After the discussion, queries from the audience were addressed, and participants were urged to disseminate information about the benefits of presumptive taxation in their local business networks. Tax professionals were requested to provide assistance to local taxpayers in their tax-related matters.
M.L Dogra concluded the session by expressing gratitude to all the participants.
Presumptive Taxation Scheme – a boon for small businessmen, professionals: IT Dept
