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Voluntary Reporting of Estimated Current Income and Advance Tax Liability

News and Press Release - Dated:- 19-9-2017 - A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls .....

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terly instalment of advance tax paid falls short of the prescribed percentage of total advance tax paid. This interest is levied in accordance with the provisions of section 234C of the Act. It is of utmost importance for such taxpayers to arrive at .....

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the year is critical for the Government so as to meet various budgetary allocations such as welfare schemes, infrastructure development, defence expenditure etc. A reliable and advance estimate of tax revenues for the year would also provide much nee .....

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