Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT RATES :: TDS :: empanelment :: ACCOUNTING STANDARD :: VAT Audit :: cpt
 
 
Direct Tax »
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already
 CBDT extends due date for filing Income Tax Returns and Tax Audit Reports
 CBDT exempts cash sale of agricultural produce from disallowance of expenditure
 Tax professionals seek more time for e-filing of returns
 CBDT signs 7 more unilateral APAs with taxpayers
 India adopts reporting rules to crack aggressive corporate tax planning

CBDT may shelve plan to seek corporate tax estimates in advance
November, 13th 2017

Giving corporates and professionals a breather, the Central Board of Direct Taxes may junk its proposal directing them to submit their tax payment estimate for the next two quarters in advance.

In September, the CBDT came up with a draft notification directing companies with an annual income of ?1 crore and professionals with ?50 lakh income per annum to report estimates of their current income, tax payments and advance tax liability on a voluntary basis.

In case the income estimate is less than the income for the previous corresponding period by ?5 lakh or 10 per cent, whichever is higher, the assessee was supposed to give another estimate of income as on December 31, before the end of this year.

The CBDT had given 45 days for assessees to prepare the estimate and submit it by November 15. However, the Board has not indicated a date till when it will receive comments on the draft notification and notify the final norms.

Tax experts feel that Board may have put the proposal on the back-burner as it has not notified the final norms even as the deadline for filing the first set of details is just days away.

The CBDT did not respond to a mail sent by BusinessLine seeking clarification.

The proposal might have been put on the back-burner to avoid attracting the wrath of businessmen, especially with the Gujarat election next month and the marked slowdown in the economy.

Moreover, the government has been facing the heat for the pain caused by GST and demonetisation on the economy.

“With less than a week to go, I do not think CBDT will rush with the notification and make people abide by it without giving sufficient time.

“The new norms, even if notified, will not lead to any additional revenue for the government as CBDT collects interest of 1 per cent per month on shortfall in tax payment from professionals and corporates,” said tax expert.

The proposed changes were aimed at getting access to a new set of data on estimated income for the financial year, which will help the tax department identify sectors and regions where tax receipts are lagging, besides boosting the department’s revenue mobilisation steps.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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