Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: empanelment :: due date for vat payment :: VAT Audit
 
 
Direct Tax »
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears
 CBDT chief prods taxmen to buck up, meet recovery target
 CBDT to hold review meeting on PMGKY, tax collection on Mar 17
 Monitor tax collection to meet target by Mar 31: CBDT to taxman
 File prosecution cases against shell companies: CBDT to taxmen

Income tax department asks traders to pay advance tax rather than annual returns
October, 13th 2015

As part of its latest drive to widen the tax base, the Income Tax department has asked traders and businessmen to pay advance tax rather than file annual returns at the end of the financial year so they can be added as new assesses promptly.

The department is running an ambitious drive to bring under its net one crore new taxpayers after the government recently asked the taxman to achieve the target within the current fiscal. In the national capital, the Central Board of Direct Taxes (CBDT) has tasked the taxman to add 5.32 lakh new assesses within this time frame.

The CBDT is the apex policy-making body of the Income Tax department. As part of this initiative, the department is now holding public sessions called ‘Seedha Samvad’ (direct communication) with industry and trade bodies in public places across the country, including in Delhi. One such session was held in New Delhi this week in the popular Kamla market area near Delhi University, with the North Delhi Traders Federation (NDTF).

“We have done a PAN mapping of the business area here and it is a matter of concern that tax returns have decreased as compared to the last financial years. There can be many reasons for it and we are not doubting the intentions of the taxpayers. But as part of the government’s initiative to widen the tax base we would like to request you that you should pay advance tax on time and this way we will be able to consider you as our new assesses immediately.

“I request you to please accept this suggestion and file your returns. Also, spread the message amongst your friends and other business community,” I-T Principal Commissioner (Circle-12) Ajay Kumar Chauhan said at the public session held on Friday.

Advance tax is also known as the ‘pay as you earn tax’ and, as per existing laws, any person whose tax liability is more than Rs10,000 in a fiscal, he or she should make this payment in instalments rather than doing it at the end of the year. These receipts ensure the government keeps getting a steady trickle of revenue and also allows taxman to meet the revenue collection target.

Chauhan told the traders that over the last few years the perception of the department has changed and it has an onerous responsibility to act as a service provider.

“The government has asked us to ensure a non-adversarial regime and I can tell you that gone are the days when there used to be coercive action by the department. With the advent of new technology the compliance rate is going up,” he told a gathering of traders and businessmen at the local community hall.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions