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India successfully tests two ballistic missilesKhalistani activists polluting Canada: Canadian MP Chandra AryaUK Foreign Minister David Lammy meets PM ModiRs 1.72 lakh crore allocated for capital acquisition for defenceI-T- Re-assessment - additions quashed as assessee given fresh opportunity to adduce evidence; nevertheless, assessee failed to participate in hearing despite multiple notices - costs of Rs 40000/- imposed on assessee: HCVaishnaw hails Rs 2.62 lakh crore capex for RailwaysCX - Final product is copper cathodes and not sulphuric acid, which is a by-product - Oxygen gas captively consumed in manufacture of sulphuric acid is entitled to exemption in terms of notification 67/95-CE: HCElectric Mobility Promotion Scheme, 2024 notified to promote green mobilityGST - Same input and output supplies though attracting different tax rates at different points of time - Since para 3.2 of Circular 135 has been struck down as ultra vires, refund to be extended: HCBIS sanctions 82 projects to faculty members of various prominent institutionsGST - Demand confirmed since petitioner failed to file a reply - Petitioner can be given one opportunity to explain subject to they depositing 25% of disputed tax from its Electronic Cash register: HCBihar passes bill to curb paper leaks with Rs one crore fine & 10-yr jailGST - Petitioner's assertion that the ITC available in GSTR-2A exceeds that availed of in GSTR-3B was not considered - Matter remanded; bank attachment lifted: HC380-feet asteroid to fly past earth at 29K Kmph tomorrow: NASAGST - Legitimate trade and commerce by every supplier should be allowed to be carried on subject to payment of tax and statutory compliance - Registration to be revived: HCPax plane crashes with 23 onboard at Kathmandu airport; 18 killedGST - Petitioner unaware of SCNs and the orders passed - Subject to petitioner depositing 25% of disputed tax, matter remanded: HCINDIA bloc boycotts Parliament; says Budget is discriminatoryTaxonomy is not about taxesBudget for Vikasit BharatWill the Old Tax Regime be Consigned to A Margadarshak Role?July 21 (Sunday) was hottest day on earth since Ice Age: Scientists
 
CBDT proposes to amend Rules and prescribe new Form for advance reporting of advance tax estimates

By TIOL News Service

NEW DELHI, SEPT 19, 2017: WITH the direct tax collections falling hugely short of budget estimates, a sort of panic seems to have set in among the CBDT top brass. Keeping in mind the recent reporting of poor advance tax collections, the CBDT proposes to insert a new Rule 39A in the I-T Rules and also prescribe a form no 28AA for the taxpayers (companies and audit cases) to report their advance tax estimates in advance to the taxman.

The CBDT has reminded the taxpayers that if the shortfall in advance tax payments at the end of the fiscal is more than 10%, it would attract interest provisions under Ss 234B and 234C.

The CBDT has noted that it is outmost importance for such taxpayers to arrive at a reasonably accurate estimate of their current income and advance tax liability, so that the additional burden on account of interest for default/deferment of advance tax can be avoided.

In this backdrop, the CBDT has soguht the feedback of tax payers to the proposed amendment. The comments and suggestions on the draft Rule and Form may be sent electronically at the email address dirtpl4@nic.in by September 29, 2017.

 


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: Amendments Rules

Central Board of Direct Taxes amend the rules as per per Direct
Tax Code

Posted by Yogesh Bhat
 

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