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Tax assessment exemption for small traders

india Updated: Dec 23, 2006 01:50 IST
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MADHYA PRADESH government has exempted small traders, with annual turnover of up to Rs 40 lakh, from tax assessment of their cases.

Issuing a notification to this effect, the State Government stated that traders engaging in trading of tax exempted goods or tax paid goods would be benefitted.

Traders seeking exemption benefits would have to submit an application in the prescribed proforma along with an affidavit to the assessment officer concerned by January 31, 2007.

The scheme shall also be applicable on pending cases of 2004-05 and 2005-06 under the Commercial Tax Act, Central Sales Tax Act and Entry Tax Act.

To avail the benefits of exemption, traders should not have any case of tax evasion in the assessment year and the previous years against him or her. It is also mandatory for the traders to pay due tax and interest determined in the case.