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: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: cpt :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: articles on VAT and GST in India :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: form 3cd
 
 
Direct Tax »
 CBDT asks I-T dept to take urgent steps
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards

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 2017 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