An equalisation levy may now be applicable in Jammu & Kashmir after the central government abrogated Article 370 on August 5. As per a report by Business Standard, industry experts believe the tax may be applicable to the region but only after specific amendments are made. Equalisation levy is a form of direct tax levied on digital … Read more
In a major achievement, Income Tax Department has collected highest ever Rs 1118 crore tax in Jammu and Kashmir and increased the number of assessees by nearly 89,000 during the just concluded financial year 2018-19 financial year .Where as in 2017-18 financial year the gross tax collection was to Rs 966 crore. During 2016-17 financial year Rs … Read more
In order to incentivize the newly established units and the units undergoing substantial expansion, J&K Government accorded sanction to the notification of the scheme namely the ‘Jammu and Kashmir Reimbursement of State Taxes for encouraging investments for industrial development’. Here are things to know about Jammu & Kashmir Reimbursement of State Taxes’ scheme: The industrial unit … Read more
The Income Tax Department has been collecting around Rs 1300 crore annually in the state. According to Central Board of Direct Taxes (CBDT) data, Rs 1302 crore have been recovered by the Income Tax Department from assesses during the financial year 2017-18. The direct tax collection has increased from Rs 711 crore in 2010-11 to … Read more