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Advance Tax Payments: CBDT Proposes Self-Reporting
September 25, 2017
To help the concerned taxpayers avoid the additional burden of interest of default, the Central Board of Direct Taxes (CBDT) has proposed a self-reporting system for reporting income, advance tax liability, and tax payments. These taxpayers are required to get their accounts audited under the Income Tax Act, 1961.
The draft rules direct that they need to furnish an intimation of estimated income and payment of taxes as on September 30 of the previous year, on or before November 15 of the previous year in the new form that’s been proposed. Also, if their estimate income as on September 30 of the previous year is less than the appropriate period of the immediately preceding previous year by Rs 5 Lakhs or 10% (whichever is higher), they are required to give the reason by January 31 of the previous year.
