SIGN IN SUBSCRIBE

News Update

Jio turns world’s top telco in terms of data trafficIndia takes part in 'Institutionalization of SMART Government for Improving Service Delivery' in LondonGadkari faints during campaign; Heat takes toll on his health'Sunflowers were the first ones to know' - film by FTII student selected at CannesSARFAESI Act - Award of interest on auction money at rate applicable to fixed deposits is not a correct view and rate of interest deserves to be enhanced: SC (See 'TIOLCorplaws')ST - Chit Funds - Tax was not paid under mistake of law but upon demand by tax authorities - Refund not having been filed within time was rightly rejected: HCSC asks EC to submit more info on reliability of EVMsGST - Without considering reply on merits, proper officer has held that reply is unsatisfactory and, therefore, he is left with no alternative but to create demand - Order set aside: HCGST - Cancellation of registration retrospectively - Show Cause Notice and the impugned order are bereft of any details, accordingly the same cannot be sustained: HCGST - Registration could not have been cancelled retrospectively for the period for which returns were filed and taxpayer was compliant: HCGST - Notfn 11/2017-CTR amended by 03/2022 - Work contracts executed before 18 July 2022 - Petitioners should file refund claims before respondent agitating grievance and same be examined and orders passed within 4 months: HCItaly imposes USD 10 mn fine on Amazon for unfair business practicesGST - Entire tax liability has been realised by appropriating the amount from the petitioner's bank account, therefore, Revenue interest stands fully secured - Since tax proposal was confirmed without participation of petitioner, order set aside and matter remanded: HCCaste Census is my mission, says RahulRight to Sleep - A Legal lullabyUS warns Pak of punitive sanctions against trade deal with IranI-T- Income surrendered before approaching Settlement Commission not covered u/s 115BBE, where this provision did not exist during relevant AYs: HCChinese companies decry anti-subsidy probe by EUI-T- Entire interest expenditure is allowable as deduction if loan funds is not diverted for non-income earning activities/personal purposes : ITATUK to send military aid package worth USD 619 mn to UkraineUS regulator bans non-compete agreements by employeesAir India, Nippon Airways join hands for travel between India and JapanSC grills Baba Ramdev & Balkrishna in misleading ad case
 
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
 

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST