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I-T Department to keep track of business advance tax payments

India

I-T Department to keep track of business advance tax payments

income tax department India

The income-tax department has chosen to keep a careful eye on advance tax payments by evaluating India Inc.’s annual and quarterly balance sheets, as well as sectoral growth trends, in an effort to guarantee that businesses do not defer their tax commitments for the financial year.

The top 100 publicly traded firms’ financial statements from their most recent annual reports as well as quarterly reports throughout the year will be evaluated, according the IT department’s core action plan for 2023–2024.Senior officials will check their charges’ advance tax collections in light of this findings. Additionally, the officials are to concentrate on any “notes” and observations they may have on the financial records.

According to two officials in the know, the goal is to both broaden and deepen tax bases. Companies would pay the first advance tax installment on June 15. A strategy has also been made to focus on quality scrutiny of accounts before raising tax demands and to pay special attention to the recovery of arrears.

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The action plan is anticipated to raise the taxpayer base by 10% in 2023–2024, with a focus on improving tax collected at source and using the enforcement mechanism to uncover tax evasion.

Every person (individual, firm, or company) whose estimated tax liability for the year is Rs 10,000 or more, after tax deducted at source (TDS), shall pay tax in advance during the same financial year in installments: 15% on or before June 15 of the financial year, 30% each by September 15 and December 15, and the remaining by March 15.

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