Quick Summary
The income tax department is closely monitoring advance tax payments by scrutinising companies annual and quarterly balance sheets, as well as sectoral growth trends in an earnest attempt to ensure organisations do not delay their tax liabilities for the financial year. As per the tax departments central action plan for 2023-24, financial reports of the top 100 listed companies in their last published annual reports, and quarterly reports through the year, will be examined. According to this
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FAQ :
The department is closely monitoring advance tax payments by scrutinising companies' annual and quarterly balance sheets, and sectoral growth trends to ensure timely payment of tax liabilities.
The financial reports of the top 100 listed companies, based on their last published annual reports and quarterly reports throughout the year, will be examined.
Sectors under scanner include real estate, pharmaceuticals, steel, mining, financial institutions, and gems & jewellery.
Advance tax payment is the process of paying tax before the end of the financial year on income earned in the same year. Companies and partnership firms pay this in four instalments.
Companies pay their advance tax in four instalments on June 15, September 15, December 15, and March 15.
The aim is to widen the tax net, increase focus on tax collection at source, use enforcement mechanisms to check tax evasion, and potentially increase the taxpayer base by 10% by 2023-24.
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