News

16th June, 2006

Karnataka Bank chief calls for prompt tax payment

The Chairman and Chief Executive Officer of Karnataka Bank Ltd, Mr Anantakrishna, has urged taxpayers to be prompt in paying tax and not to find loopholes in the Income-Tax Act.

Inaugurating the Income-Tax Help Centre in the premises of the Kanara Chamber of Commerce and Industry (KCCI) here on Thursday, Mr Anantakrishna said that in spite of a decent and good tax structure some people try to find loopholes in I-T Act and avoid paying tax.

However, the law-abiding people will always have the last laugh, he said.

The instances of finding loopholes and avoiding tax were high in the 60s when the tax structure was as high as 97.5 per cent.

Welcoming the move of the Income-Tax Department to open help centres, he said this would help bridge the gap between the officials and the taxpayer.

Mr A. Srinivasa Rao, KCCI President, said Mangalore stood second in the State in collecting central excise, customs and income-tax. In such a situation, a help centre would help taxpayers a lot, he added.

Capt Pradeep Arya, Assistant Commissioner of Income-Tax, said the help centre would be in operation from June 15 to August 14. It will operate between 2 p.m. and 6 p.m., on working days.

He said the centre is primarily set up to provide assistance to small taxpayers, especially the salaried class, to enable them to comply with statutory requirements under the Income-Tax Act 1961.

This major initiative of the department seeks to demystify the process of complying with the law and enlighten taxpayers about the various beneficial deductions available to them, he added.