New Delhi: In addition to the GST troubles Companies and taxpayers will be required to submit their income estimates and tax liability for six months of the financial year to the I-T department by November 15.
According to a draft notification issued by The Central Board of Direct Taxes (CBDT) stakeholders’ have been asked to comment on filing of Form 28AA by giving details of income and advance taxes paid.
Also, businesses have to specify 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.
Also in cases where the total income has declined by Rs 5 lakh or 10 per cent, whichever is higher, compared to preceding fiscal then the tax payer will have to furnish a similar statement of income and tax liability for April- December period by January 31.