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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.

 


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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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