WEALTH TAX IN SIKKIM

Sikkimese individuals not exempted from Wealth Tax: BJP

SE Report
GANGTOK, August 13: The Sikkim State Bharatiya Janata Party (BJP) has said that the Sikkimese individuals are not exempted from Wealth Tax.

Vandana Ramachandran of the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, Government of India has said this in a reply when the BJP sought information whether Sikkimese individuals are exempted from Wealth Tax, Gift Tax, Property Tax.

“Wealth Tax is chargeable @ 1% of net wealth exceeding Rs. 15, 00, 000. There is no gift tax liability as gift tax has been abolished. Property tax is not a direct tax since it is a tax levied by local municipal authorities on property,” it was informed.

In a party communiqué, general secretary, CB Chettri has said that any Sikkimese having assets as movable and immovable combined together above Rs 15 lakhs may have to pay wealth tax.

“This is nothing but imposition of tax which Sikkimese had never paid earlier. Let the SDF party and the SDF Government explain the fall out of this to the people of Sikkim,” he said.

Reiterated that the extension of Indian Income tax with exemption to Sikkimese individual is the dilution of the provision of the Article 371 F (k) of the Constitution of India and that there is nothing to celebrate by the SDF party and the SDF Government, the general secretary, Sikkim State maintained that the income tax exemption to Sikkimese individual could have been probably given even by amendment of the Sikkim Income Tax Manual.

“It was rumored there was some secrete understanding reached before extending the Indian Income Tax with exemption to Sikkimese individual. One of the understandings might be the extension of the Wealth tax,” the release added.

BIOGRAPHIES OF 105 PROMINENT FIGURES OF SIKKIM

Biographies of 105 prominent figures of Sikkim to be released on Aug 17

SE Report
GANGTOK, August 10: ‘Sikkim Ka Pramukh Diwangat Sharshta ani Drastha haru’, a compilation of the biographies of the 105 legendary figures of Sikkim will be released on August 17 at the Sikkim Government College auditorium here in the Capital.
Penned by TB Chandra Subba, who was recently conferred with the Bhanu Puraskar for this year, the book contains memoirs and works of all the well-known figures of Sikkim in the field of politics, literature, journalism, art, economics, culture, sports, commerce, music and many more.
The book is published by Kinar Publications.
According to a press release, the book release function will be attended by eminent literary figures like Dr Ghanashyam Nepal, Professor, North Bengal University, Dr Mohan P Dahal, Prof Krishna Raj Ghatani, Jeewan Namdung, Dr Jas Yonjan Pyasi, Krishna Chandra Singh Moktan, Laxmi Meenu from Mizoram and others.
The occasion will also witness felicitation to several literary figures along with the cultural programme, the release further informs.

IMPORTANT ANNOUNCEMENT- INCOME TAX

INSTRUCTION NO 8/2008, Dated: July 29, 2008ORDER UNDER SECTION 119(2)(a) OF THE INCOME TAX ACT, 1961Vide Finance Act, 2008, a new clause (26AAA) has been inserted in section 10 of the Income Tax Act, 1961 ('Act') with retrospective effect from assessment year 1990-91. Under the said clause, the following income accruing or arising to a Sikkimese individual is exempt from tax-(a) income from any source in the State of Sikkim; or(b) income by way of dividend or interest on securities.For the purposes of the clause, "Sikkimese" has been defined in the Explanation thereto. 2.Income accruing or arising to a non-Sikkimese individual residing in the State of Sikkim continues to be liable to tax under the Act. In the case of such individuals, it has been decided that-(a) For assessment year 2007-08 or any preceding assessment year, no assessment or reassessment shall be made with regard to the income-(i) income from any source in the State of Sikkim; or(ii) income by way of dividend or interest on securities.(b) In case any proceedings have been initiated for assessment year 2007-08 or any preceding assessment year for not filing the return of income, such proceedings shall be dropped.(c) In case any assessment or reassessment proceeding has been initiated for assessment year 2007-08 or any preceding assessment year and assessment orders have not been passed, the aforesaid income shall be accepted as per the return.(d) For the assessment year 2008-09 and subsequent assessment years, assessment or re-assessment, if required, shall be made in accordance with the provisions of the Income Tax Act, 1961. 3. These instructions shall apply only to non-Sikkimese individuals residing in the State of Sikkim.F.No.153/19/2007-TPL(Vandana Ramachandran) Under Secretary to the Govt. of India

DATA FORM

DATA FORM
(To be filled in Block letters only by those who have attained 18 years of age as on 01-01-2008)
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BAZAR OF SIKKIM

UD&HD : LIST OF MARKETS AS ON 31ST MARCH, 2002.

EAST:

Bazar Class - I
Gangtok, Singtam.

Bazar Class - II
Rangpo, Ranipool, Pakyong, Rhenock, Tadong, Rongli.

Bazar Class - III
Dikchu (E), Makha, Sang, Rorathang.

Rural marketing Centres:
Phadamchen, Kupup, Sherathang, Chandmari, Rongyek, Burtuk
Bhojoghari, Samdong, Ranka, Central Pendam, Martam, Saramsa.
Simik - Linzey, Tintek, Lingdong, Chandey Kyangasla, Theguk,
Lingtuk, Jaluk, Sisney, Barapathing, Mamring, Machong, Chalisey
(Rhenock), Reshi (E), East Pendam, Kopchey, Dalapchand, Aritar,
Chujachen, Rolep, Parakha, Penlong, Lingdok, Lingtam, Rumtek,
Middle Camp, Lower Samdong, Duga, Tsongu, Sirwani, Syari,
Tathangchen.

NORTH

Bazar Class - II
Mangan, Chungthang, Dikchu (N), Phensong, Phodong.

Rural Marketing Centres:
Pakyong, Kabi, Namok, Ramthang, Singhik, Pakshep, Manuel,
Naga, Sangkalang, Hee-Gyathang, Pashingdang, Phodong, Tumlong,
Phamtam, Bakcha, Lachen, Lachung, Lingzya, Tingbong.

SOUTH
Bazar Class - II
Jorethang, Namchi, Melli, Ravongla.

Bazar Class - III
Simchuthang (Mangley), Majhitar, Temi Bazar, Damthang, Namthang
Kewzing, Yangyang, Ralang.

Rural Marketing Centre:
Nandugoan, Tenzor, Maniram Bhanjyang, Phughajyang, Rateypaney,
Tokal Bermoik, "O" Tarku, Ben Bazar, Sadam, Melli Dara, Payong,
Sukrabarey (Sadam), Sumbuk, Turuk, Kitam, Wok, Lingmoo, Lingi-
Payong, Namphok, Manpur, Gumpa Ghurpisey.

WEST
Bazar Class - II
Gyalshing

Bazar Class - III
Leghsip, Reshi, Hee, Sombaria, Soreng, Daramdin, Dentam,
Rinchenpong, Kaluk, Mangalbarey, Shreebadam, Barmiok,
Pelling, Tashiding, Chakung, Nayabazar.

Rural Marketing Centre:
Darap, Rimbi, Gerethang, Melli-Khechepery, Sakyong, Chongrang,
Lingchom, Tashiding, Cheyabhanjyang, Timburbong, Dodak, Zoom
Ribdi, Okhrey, Bhareng Hilley, Budang, Tharpu, Pureytar, Thingling,
Begha, Rothak, Yuksom, Uttarey.