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).
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:-
(See rule 39A)
Intimation of estimated income, tax liability and payment of taxes for the previous year
1. Name of the assessee.___________________________________
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)*#
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)**
depreciation as per Income-tax Act
depreciation as per Income-tax Act
|9|| Losses to be
|10|| Deduction u/s
|12|| Total Income
|13||Tax payable on total income|
|14|| Deemed total
|15||Tax payable on deemed total income u/s115JB/115JC|
|16|| Tax payable
(Higher of the
Sl.No.13 & 15)
|17|| Credit u/s
|18|| Tax relief u/s
7. Details of turnover, profit etc.:-
|Sl.No.||Particulars||Period ending on
or 31St December
|For the PY
other than interest,
as per books
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, email@example.com.
Under Secretary (TPL-IV)