Mumbai Income Tax to set up Large Tax Payers Unit by year end

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Mumbai, Oct 12 (UNI) The Mumbai Income Tax authorities are in negotiations with the World Trade Centre in Mumbai for setting up the country's second Large Tax Payers unit (LTU) here.

''Price negotiations for acquiring space in the World Trade Centre are in the final stages,'' Mumbai Chief Income Tax Commissioner Mala Ramakrishnan told reporters after attending a seminar on the LTU scheme.

When asked what had caused the delay in setting up the LTU in Mumbai, Ms Ramakrishnan evaded a direct reply and said that the seminar was a step in that direction only.

''We hope to get the Mumbai LTU functional by December this year,'' she added.

Union Finance Minister P Chidambaram during his 2005-06 Budget speech had announced a proposal to set up LTUs in Delhi, Mumbai, Bangalore, Kolkata and Chennai. The Bangalore unit started functioning from October last year, the units at the other four cities are yet to come up.

According to Mumbai IT Department officials, there are some 300 large tax payers in the city. However, so far only 15 such tax payers have shown interest in opting for the Union Government's single-window concept plan.

''In fact, there are certain apprehensions in the minds of these tax payers. And this seminar was aimed at removing those doubts and apprehensions only,'' a senior IT official said.

The seminar was organised by the Chief Commissioner of Income Tax, Mumbai and Chief Commissioner of Customs and Central Excise, Mumbai in association with other bodies like Chamber of Tax Consultants, Bombay Chartered Accountants Society, Indian Merchants Chamber and Western India Regional Council of Chartered Accountants of India.

Besides Ms Ramakrishnan, Chief Commissioner of Customs, Central Excise and Service Tax M Dwivedi, Chief Commissioner of Central Excise and Chief Commissioner Bangalore LTU K S Nair as well as representatives from some of the industries attended the seminar.

UNI

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