Confederation of Indian Industries

Haldia Zonal Office

Press Release

“Surcharge and both kinds of Education Cess should go” 

Haldia, June 27. Surcharge and both kinds of Education Cess should be abolished for the sake of a simple income tax regime in our country, said tax consultant Narayan Jain. He was addressing an Intercative seminar on Tax Planning in view of the amendments made in Finance Act, 2008 in Haldia River Estates Auditorium (HREA) on Thursday afternoon. He also felt that the Banking cash transaction tax which has been sought to be abolished from 1^st April, 2009 should have been abolished from this year itself as there is no justification of its continuance in view of the information already pouring by way of Annual information return. Mr. Jain however felt that tax rates are quite moderate and now on a gross total income tax burden ranges from 2% to 4% in case of senior citizens, women and general taxpayers respectively. He reminded of 98.75% tax (including surcharge) in 70’s (Seventys).

Mr. BR Purkayasth, Addl Commisssioner of Income tax thanked taxpayers for  making tax payment more than the targeted figures in FY 2007-08.

Mr. Abhijit Kundu, DDI- International Taxation, Mr. Rajat Dey, Chairman, Haldia Zone of CII and Mr, Ashok Purohit, General manager, South Asian Petrochem Ltd. also spoke on the occasion and queries raised by industry were also dealt with.

Ramit Sircar