CAIT urges FM to extend deadline for response over notices to traders
New Delhi, Jan 22 (KNN) The Confederation of All India Traders (CAIT) has sent a letter to Union Finance Minister Nirmala Sitharaman requesting extension in the deadline for response over thousands of notices which were sent to jewellers and other businesses across the country.
The traders' body requested to extend the deadline beyond January 31, 2020 so that traders across the country can file appeal in response to the notices sent by the Income Tax Department.
The CAIT has also urged that concession should also be given. The CAIT clearly stated that it is not advocating to protect any kind of tax evasion or violation of law by anyone.
''If anyone has engaged into said activities, the law should follow its own course. However, due precaution is required so that small traders of jewellery should not be wrongly implicated,'' CAIT said in press release on Tuesday.
About a month ago, a large number of jewellers and other commodities traders have been served notices for tax recovery due to liability.
The last date to file an appeal against these notices is January 31, 2020 and before filing the appeal, the traders will have to deposit 20 per cent of the liability to the department only then the appeal will be accepted.
However, according to the law, the tax officer has the right to reduce the amount of 20 per cent according to his discretion, or that the appeal can be heard without depositing the amount.
Praveen Khandelwal, Secretary General of CAIT said that thousands of notices have been sent across the country including even the small traders who get the goods manufactured from artisans and sell them in the market.
''“It is possible that some people have tried to misuse the law and such people must be prosecuted according to the law, but there are also a large number of traders for whom serving notices is not justified,” he said.