Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: list of goods taxed at 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: due date for vat payment :: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India
Direct Tax »
 CBDT to prescribe deadline for MNC units to file details of operations in certain cases
 Filing your return may not mean the end of tax issues
 Filing tax return before March 31? Here is what you should do and what not
 CBDT invites suggestions to draft new Direct Tax Law
 Deadline For Income Tax Returns Filing Only 12 Days Away. 10 Points
 Income Tax: E-assessment ensures greater efficiency in the taxation system
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds

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 2018 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