Author's notes and important points:
1- In order to have a clarity on the proposed income to be generated by an assessee , the proposed requirement will ensure to have estimated profits from the specified assesses,
2- The requirement to report this estimated tax will be applicable on companies & other person on which sec 44 AB is applicable,
3- The such intimation is required to be furnished by 30th sep corresponding with preceding year,
4- In case there is a difference of 5 LACS OR 10% whichever is higher then assessee needs to file such intimation as on 31 Dec by the 31 Jan using FORM 28AA
It is interesting to note that "If the estimated advance-tax payment for the previous year is less than the advance tax paid during the preceding previous year then POINT WISE reasons to be furnished to the department.
AND
In case of more than one business of different nature, the information may be furnished for each of the businesses separately
(The above rules/ FORM are proposed to be finalized and hence department currently collating suggestions)
For reading full notification please refer - http://www.incometaxindia.gov.in/Lists/Latest%20News/Attachments/188/Draft_Notification-Rule-39A-19-9-2017.pdf
1- In order to have a clarity on the proposed income to be generated by an assessee , the proposed requirement will ensure to have estimated profits from the specified assesses,
2- The requirement to report this estimated tax will be applicable on companies & other person on which sec 44 AB is applicable,
3- The such intimation is required to be furnished by 30th sep corresponding with preceding year,
4- In case there is a difference of 5 LACS OR 10% whichever is higher then assessee needs to file such intimation as on 31 Dec by the 31 Jan using FORM 28AA
It is interesting to note that "If the estimated advance-tax payment for the previous year is less than the advance tax paid during the preceding previous year then POINT WISE reasons to be furnished to the department.
AND
In case of more than one business of different nature, the information may be furnished for each of the businesses separately
(The above rules/ FORM are proposed to be finalized and hence department currently collating suggestions)
For reading full notification please refer - http://www.incometaxindia.gov.in/Lists/Latest%20News/Attachments/188/Draft_Notification-Rule-39A-19-9-2017.pdf
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