SIGN IN SUBSCRIBE

News Update

Saudi Arabia imposes temporary visa ban on 14 countries, including PakistanUK protests against Israel detaining two British lawmakersGovt to set up dedicated startup India desk for budding entrepreneursDelhi Govt takes stern action against steep fee hike by private schoolsUK MP Dan Norris arrested for alleged child sex offencesIndian-American country judge nabbed on money-laundering chargesAustralia pledges 2.3 bn Australian dollar to enable households buy solar batteriesIndia, Lanka sign MoU on defence cooperationCX - Mere interconnection under Income Tax law does not establish a related party transaction under Central Excise law, thereby invalidating department's demand for duty at 110% of production cost: CESTATOwaisi moves SC against Waqf Amendment ActNo TDS to be deducted u/s 194EE on payments u/s 80CCAST - Removal of smart cards for pairing with set-top boxes (STBs) constituted job work under Rule 4(5)(a) of CCR, 2004 and thus, reversal of CENVAT credit is not required: CESTATCBIC issues AGT orders of 229 Jcs / ADCs + 308 ACs / DCs + 177 Pr Commissioners / Commissioners + 12 Pr CCs & CCsST - Activity of serving as intermediary between foreign entities & Indian customers, qualifies as export of services; commissions earned by assessee will not attract Service Tax levy: CESTATKessler Syndrome: Over 1200 objects of space debris banged into earth in 2024CX - Valuation - Specifications meant for guidance purposes per se differ from detailed engineering drawings; only the latter is to be included in assessable value: CESTATTrump grants another 75-day to TikTok to find Chinese buyerEU fears Trump beer tariffs may cost one lakh jobsTrump tosses out National Security Agency DirectorBudget Session of Parliament adjourns sine-die; 16 Bills passedHamas says Israeli offensive in Gaza is fatal for hostagesEuropean Commission votes to freeze existing sustainability rules to compete with China and USParliament passes Protection of Interest in Aircraft Objects Bill, 2025US economy adds 2.28 lakh jobs in March monthI-T - Provisions of section 50C are equally applicable to asset forming block of asset as well: ITATChina retaliates; imposes 34% tariffs on American goods
 
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
Technical Session 1: Decoding New Income Tax Bill 2025

TOP NEWS


VISION 360






Technical Session 2 - Retrospective Taxation - Surge in GST Litigation - Possible Remedies.

TII LATEST

TIOLCORPLAWS LATEST