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: ACCOUNTING STANDARD :: VAT RATES :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: cpt :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: form 3cd
Direct Tax »
 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 to conduct nationwide review of tax collection for FY18 today
 Here are a few last-minute tax saving ideas Not planned taxes yet?
 Confessions of a fake CA exposes lacuna in e-filing of tax return
 Greetings from the income tax department
 Scrambling to scrounge proof of tax-saving investment
 5 tips to save your money Do not make this big income tax returns filing mistake
 I-T e-assessment: CBDT notifies new communication scheme

CBDT worried over GST impact on advance tax kitty
September, 11th 2017

The Central Board of Direct Taxes (CBDT) is worried about the impact of the Goods and Services Tax on the advance tax collections. It has asked Income Tax officers to regularly engage with top 100 tax payers in each range and understand their difficulties in paying the taxes, sources in the IT department said.

At a recent conference of CBDT members and IT Commissioners, solutions were discussed to enhance advance tax and overall revenue collections. Advance tax is paid in instalments every quarter by the assessees and September 15 is the due date for the second instalment. However, the GST rollout has been a major disruptor in the market impacting revenues.

Sources said in the past engagement with top tax payers was sporadic, but now CBDT has asked for a continuous engagement so that the problems of top tax payers could be understood and they could be motivated to pay their taxes. The CBDT has even asked the IT Commissioners to send photographs of such meetings to the respective heads in CBDT as a proof of the meetings conducted by the officers.

IT Commissioners have also been asked to sharpen their focus on those individuals and companies, who have deposited cash in the banks under the demonetisation drive but have not replied to the notices and e-mails sent by the IT Department. If demand notices are not answered by such tax payers then prosecution procedures would be launched against them, sources said.

Dispose of cases
For enhancing the revenues, CBDT has also asked the IT officers to give priority to dispose of 10-year-old cases where the tax payers have challenged the tax assessment and have appealed against it with various appeal authorities. In cases where the tax payers are not traceable, the CBDT has asked the officers to push for prosecution. In a number of cases, the assessees simply vanish from their last known addresses and tax recovery becomes impossible. Only when the prosecution process gets launched with the help of State Police, the assessees, out of fear of law, surface, sources added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-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