Half Yearly Returns Proposed by Income Tax Department

Central Board of Direct Taxes, Department of Revenue, Ministry of Finance vide notification number F.No.370142/27/2017-TPL issued draft notification to introduce self reporting system of income tax by the assessees quarterly or half yearly (as per notification).

 

F.No.370142/27/2017-TPL
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)

 

New Delhi, September 19, 2017

 

Sub: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962– comments and suggestions-reg.

It is proposed to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers viz. companies and tax audit cases, on voluntary compliance basis. Accordingly, in exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), an amendment of the Income-tax Rules, 1962 (“the Rules”) is proposed for insertion of a new Rule 39A and Form No.28AA in the Rules. The draft proposal is as under:-

 

(I) Intimation of estimated income, tax liability and payment of taxes

39A. (1) An assessee being a company and a person (other than a company), to whom the provisions of section 44AB are applicable shall furnish an intimation of estimated income and payment of taxes as on 30th September of the previous year, on or before 15th November of the previous year.

(2) If the income estimated as on 30th September of the previous year is less than the income of the corresponding period of the immediately preceding previous year by an amount of Rs.5 Lakh or 10 percent, whichever is higher, then the assessee shall be required to furnish an intimation of estimated income and payment of taxes as on 31st December of the previous year, on or before 31st January of the previous year.

 

(II) In the rules, in Appendix II, after the ‘Form No. 28A’, the following Form shall be inserted, namely:- 

 

Form No.28AA

(See rule 39A)

 

Intimation of estimated income, tax liability and payment of taxes for the previous year

1. Name of the assessee.___________________________________      

2. PAN._________________                                           

3. Previous Year (PY). ____________


4. Assessment Year (AY):____________


5. Nature of Business or profession (if more than one business or profession indicate the main activities/products)*#

 

Sl.no. Code Description

 

6. Details of estimated Income/tax liability for previous year:-

 

Sl.No. Particulars Period ending on 30th Septemberor 31St December of PY(Asapplicable)** Period ending on 30th
September or 31st December
of year immediately preceding the PY(As applicable)**
 1 Income from
salary
       
 2 Income from
house property
       
 3 Profits and
gains from
business or
profession
before
depreciation as per Income-tax Act
         
 4 Less
depreciation as per Income-tax Act
   
 5 Income from
business or
profession (3-
4)
       
 6 Capital gains        
 7 Income from
other sources
       
 8 Gross total
income
(1+2+5+6+7)
       
 9  Losses to be
set off 
       
 10  Deduction u/s
10AA
       
 11  Deduction
under Chapter
VI-A
       
 12  Total Income
[8-(9+10+11)] 
       
 13  Tax payable on total income        
 14  Deemed total
income u/s
115JB/115JC 
       
 15  Tax payable on deemed total income u/s115JB/115JC         
 16  Tax payable
(Higher of the
Sl.No.13 & 15)
       
 17  Credit u/s
115JAA/115JD 
       
 18  Tax relief u/s
90/90A/91
       
 19 Net tax
liability [16-
(17+18) 
       
 20  TDS/TCS         
21 Advance tax

 

7. Details of turnover, profit etc.:-

 

Sl.No. Particulars Period ending on
30th September
or 31St December
of PY(As
applicable)**
Period ending
on 30th
September or
31st December
of year
immediately
preceding the
PY(As
applicable)**
For the PY
ending on
31st March
(Estimated).
For the
year
immediatel
y
preceding
the PY.
1 Gross receipts/turnover
2 Less: Expenses
other than interest,
depreciation
3 Less: Interest
4 Less: Depreciation
as per books
5 Profit before
tax[1-(2+3+4)]

 

8. If the estimated advance-tax payment for the previous year is less than the advance tax paid during the preceding previous year, please specify the reasons (Point-wise).

 

Dated:                                                                 Signature of the Assessee

 

(Note: * Please see ITR Forms and instructions for the filling the business code and description.
** see rule 39A of the Income-tax Rule, 1692.
# In case of more than one business of different nature, the information may be furnished for each of the businesses separately.)” 

 

3. The comments and suggestions of stakeholders and general public on the above draft notification are invited. The comments and suggestions may be sent electronically by … September, 2017 at the email address, dirtpl4@nic.in. 

 

(Dr. T.S.Mapwal)
Under Secretary (TPL-IV)
Tel: 011-23095471

Email: ts.mapwal@nic.in

Copy of Notification