jamshedpur
An interactive session was organized at the Chamber Bhawan in Bistupur by the Singhbhum Chamber of Commerce and Industry, where several important discussions took place on taxation laws and economic development. The chief guest of the event was Jayant Mishra, who addressed key concerns related to taxation, compliance, and regional growth.
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Concerns Over Air Connectivity
In his address, Jayant Mishra highlighted that the lack of adequate air connectivity in Jamshedpur and other parts of Jharkhand is a major obstacle to regional development. He stated that poor air links directly impact investment, business expansion, and ultimately revenue generation.
Overview of the New Income Tax Act 2025
He informed the participants that the new Income Tax Act, 2025 has been enacted and will come into effect from April 1, 2026. Pending cases and litigation under the old tax regime will continue to be resolved as per the provisions of the previous law. This means that professionals such as chartered accountants and advocates will have to operate under both frameworks simultaneously during the transition period.
Simplification of Tax Laws
According to Jayant Mishra, the new tax law has been designed to be simpler and more user-friendly. This reflects the government’s vision of making tax compliance easier and more transparent for taxpayers across the country.
Low Tax Filing Ratio Highlighted
He also shared that out of nearly 75 crore PAN holders in India, only about 9 crore individuals file income tax returns, which is roughly 12%. In Jharkhand, the ratio is even lower at around 4%. He emphasized the need to expand the tax base to support overall economic growth.
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Appeal for Timely Tax Compliance
Taxpayers were urged to pay advance taxes on time instead of delaying payments and later clearing dues with interest. Timely compliance, he noted, not only avoids penalties but also strengthens both state and national finances.
Awareness and Collaboration Initiatives
The Income Tax Department, in collaboration with Singhbhum Chamber of Commerce and Industry, will organize awareness seminars starting April to educate stakeholders about the new tax law. These sessions will include chartered accountants, advocates, entrepreneurs, academicians, and industry professionals.
Industry Interaction and Feedback
Chamber President Manav Kedia emphasized that such interactive sessions help bridge the gap between policymakers and the business community. Vice President and Taxation Advocate Rajeev Agarwal added that these initiatives strengthen cooperative engagement between taxpayers and authorities.
Event Conclusion
The session concluded with a vote of thanks delivered by Anil Agarwal Ringsia. The event witnessed participation from a large number of chartered accountants, advocates, businessmen, and entrepreneurs, making it a successful and insightful interaction.
