Quick Summary
In a bid to strengthen revenue collection and plug tax leakages, the Central Board of Direct Taxes (CBDT) has instructed income-tax officials across the country to intensify monitoring of top advance tax payers, including both individuals and corporates, for bogus claims of exemptions and deductions. The directive, part of the Central Action Plan (CAP) 2025-26, aims to reassess the advance tax liabilities of high-value taxpayers and eliminate fraudulent or incorrect claims that result in substa
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FAQ :
The CBDT is instructing income-tax officials to intensify monitoring of top advance tax payers to curb bogus claims of exemptions and deductions.
Top advance tax payers, including both individuals and corporations, are being subjected to increased scrutiny.
The primary goal is to reassess advance tax liabilities and eliminate fraudulent or incorrect claims that result in substantial revenue loss.
The targets include £10.82 lakh crore for Corporate Tax, £13.60 lakh crore for Non-Corporate Tax, and £78,000 crore for Securities Transaction Tax.
Top taxpayers must ensure accurate reporting and documentation of all exemptions and deductions. Misreporting could lead to reassessment and penalties.
Advance tax is income tax paid in instalments during the financial year, rather than all at once at the year-end.
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