Jamshedpur: The Singhbhum Chamber of Commerce and Industry (SCCI) hosted a high-profile interactive session at the Chamber Bhawan, featuring Mr. Jayant Mishra, Principal Chief Commissioner of Income Tax (Bihar-Jharkhand), as the chief guest. The event brought together senior Income Tax officials and the city’s prominent business leaders to discuss the shifting landscape of Indian taxation.
The session focused on pressing tax issues, procedural hurdles, compliance challenges, and the practical difficulties faced by taxpayers in the current economic climate.
Chamber’s Commitment to Business Welfare
SCCI President Manav Kedia opened the session by reaffirming the Chamber’s proactive role in safeguarding the interests of traders and entrepreneurs. He emphasized that the SCCI remains committed to bridging the gap between the government and the business community, especially regarding complex new regulations.
“These interactive programs provide our members with a rare opportunity to engage directly with policymakers and senior officials to resolve grievances,” Kedia stated.
Vice President (Finance & Taxation) Advocate Rajiv Agarwal, who moderated the session, introduced the Chief Guest and noted that such dialogues strengthen the collaborative bond between taxpayers and the tax administration.
The Roadmap to Income Tax Act 2026
In a significant announcement, Chief Guest Jayant Mishra highlighted that the New Income Tax Act 2025 has officially passed and will take effect from April 1, 2026. He clarified that the department will settle all pending cases and litigations under the old law according to previous statutes.
“Chartered Accountants, advocates, and officials must now work in parallel with both acts,” Mishra explained. He praised the new legislation for its simplicity, noting that it reflects the Finance Minister’s vision for a transparent and user-friendly tax system.
To ensure a smooth transition, the Income Tax Department will partner with the SCCI starting in April to host awareness seminars for CAs, entrepreneurs, and academic professionals. Mishra also urged stakeholders to submit their suggestions on the new act to the department.
Bridging the Taxpayer Gap
Addressing the current tax base, Mishra revealed a stark disparity in participation:
- National Level: Out of 75 crore PAN holders in India, only 9 crore (approx. 12%) file returns.
- Jharkhand Level: The filing ratio in Jharkhand stands at a low 4%.
He stressed that increasing the taxpayer base is essential for regional and national development. He also flagged concerns regarding Advance Tax, noting that many taxpayers delay payments only to pay Self-Assessment Tax later with added interest. “Paying the right tax at the right time empowers both the state and the nation,” he appealed.
Operational Directives and Expert Suggestions
During the session, Mishra directed his subordinates to expedite all pending applications under the Vivad Se Vishwas Scheme to ensure swift dispute resolution.
Adding to the discussion, SCCI Secretary (Finance & Taxation) Anshul Ringsia remarked that such sessions play a vital role in promoting transparency and bolstering the Ease of Doing Business in Jamshedpur.
Former President Vijay Anand Moonka proposed that the department nominate two or three specialized officers to provide regular guidance to professionals during the implementation of the new act.
Distinguished Attendance
The program concluded with a vote of thanks by CA Anil Agarwal Ringsia. The event saw a massive turnout from the CA Society of Jamshedpur and the Bar Association, including notable figures such as Anil Modi, Harsh Bakrewal, Abhishek Agarwal Goldie, Bharat Makani, Binod Sharma, and several leading Chartered Accountants and Advocates.
