J-K Government Announces Tax Sops To Flood-Affected Businessmen

SRINAGAR: The Jammu and Kashmir government has announced a slew of concessions to flood-affected businessmen with a view to give immediate succour to the community and bring economic activities back on track.

The relaxations were considered after detailed meeting with the State Economic Reconstruction Forum (SERF), a trade body formed in the aftermath of the floods, by Chief Minister Omar Abdullah and Finance Minister Abdul Rahim Rather, an official spokesman said.

The government has agreed that the registered dealers, whose business record and sales accounts have been destroyed due to floods, can file their returns of the second quarter of the current fiscal by the prescribed last date for filing third quarter returns, the spokesman said.

"The government has further decided that whose stocks destroyed due to the floods shall be deducted from the assessment of sales on the basis of declarations to be made by the concerned registered dealers," he said.

The stocks transported into the state but lying with the transport companies and destroyed due to floods shall also be taken cognizance of in a similar manner at the time of assessment, he added.

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