Pay advance tax to avoid interest, other actions: IT Commissioner

Excelsior Correspondent
JAMMU, Dec 11: Income Tax Commissioner, J&K Circle, A K Thatai today asked the assessees to fulfill their statutory obligation under the provisions of Income Tax Act, 1961 by calculating their income for the current financial year and depositing the advance tax installment due on December 15, 2012.
The third installment of advance tax for corporate assessees and second installment for non-corporate assessees is falling due on December 15, 2012. In this regard, a meeting of J&K Branch of NIRC of ICAI and Income Tax Bar Association was convened at Aayakar Bhawan here.
“The practitioners are the ambassadors of the department”, Mr Thatai said while chairing the meeting. Stressing upon the need for actual payment of advance tax, the Commissioner drew the attention towards certain sectors like hotel industry, construction industry, professional like doctors, retail business and jewelers, which are booming but not paying tax in accordance to their growth.
“The number of assessees who are paying Wealth Tax returns in Jammu and Kashmir is very low and there is a need to spread awareness among the assessees to file their Wealth Tax returns”, he said, adding “the payment of proper advance tax is an indicator of proper discharge of the statutory obligation cast upon the assessees under the provisions of Income Tax Act, 1961”.
Mr Thatai also requested the assessees to fulfill their statutory obligation to avoid payment of interest under Sections 234 B and 234 C of the Income Tax Act along with other actions under the provisions of Act.

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