Pics: Abhijith N Kolpe

Daijiworld Media Network - Mangaluru (ANK)

Mangaluru, Feb 7: An outreach programme on ' Taxation and Compliance Issues in the Fisheries Industry' was held at Indian Medical Association House at Attavar on Thursday, February 7, organised by Income Tax department, Mangaluru.

Addressing the gathering, principal commissioner of Income Tax, Narottam Mishra said, "Fish industries gives maximum implanting to people as they provide food in the coastal belt. But the analysis of the tax contribution made by this sector is very minimal. We are not here to harass people, but to ensure that tax is being paid by people who are capable enough to pay tax.

"As there are only a handful of literate people in this sector, we need to be careful while dealing them. They depend mostly on cash transactions. When farmers have accounts in their banks, why do fishermen not have the same? This is not acceptable. This practice has to be changed.

“Why to have phobia of IT? We are the stake holders of nation building. We are here to help you. If you approach us, file IT returns on time and have proper documentation, there will be no question of IT phobia,” he said.

Sessions were conducted on various topics during the outreach programme.

In a session on taxation issues in fisheries, deputy commissioner of Income Tax Circle 2 Mangaluru, Srinivas said, "Fisheries is an important sector and tax is being collected for a good cause. Earlier, many were afraid of income tax department and even now there are a few who are scared of the IT department. Tax payers should be aware of the IT act. There are a lot of questions asked on why there is no exemption for fisheries. There is no restriction for fishermen, but there are restrictions for traders. Always you need to remember that your balance sheet needs to be strong which will help to avail loans. If you show just the commission, there will be problems.”

Talking in a session on Black Money and Benami act, deputy director of Income Tax, DD wing, Mangaluru, Sharif said, "The Black Money Act has provisions to deal with the problem of black money in the form of undisclosed foreign income and assets. The Act helps in imposing of tax on any undisclosed foreign income and assets held outside India and for matters connected to it.

“Undisclosed foreign assets located outside India including financial interest in an entity. It may be directly held in his own name or of which he is a beneficial owner and has no explanation about the source of investment for the asset or the explanation provided is unsatisfactory in the opinion of tax authority,” he said.