Companies and taxpayers who have to get their accounts audited will be required to submit their income estimates and tax liability for six months (April to September) of the financial year to the income tax department by November 15.
The Central Board of Direct Taxes (CBDT) has come out with a draft notification seeking stakeholders´ comments on filing of Form 28AA by giving details of income and advance taxes paid.
Also, businesses have to specify a reason for any reduction in advance tax payment compared to preceding financial year.
This information will help the tax department to get an idea about the trend of income of the entity on an almost real time basis. - www.business-standard.com [20-09-2017]