Adani Enterp. 2326.10↑370.05(18.92%)
Adani Ports 729.70↑41.60(6.05%)
Apollo Hospitals 4605.30↑158.15(3.56%)
Asian Paints 3084.90↑0.45(0.01%)
Axis Bank 917.55↓-6.50(-0.70%)
B P C L 361.60↑1.30(0.36%)
Bajaj Auto 4523.25↑40.05(0.89%)
Bajaj Finance 6793.05↑8.85(0.13%)
Bajaj Finserv 1413.00↓-2.10(-0.15%)
Bharti Airtel 801.85↓-3.90(-0.48%)
Britannia Inds. 4498.95↓-0.90(-0.02%)
Cipla 924.95↑8.70(0.95%)
Coal India 238.70↓-1.20(-0.50%)
Divi's Lab. 3265.00↑166.70(5.38%)
Dr Reddy's Labs 4457.65↑65.70(1.50%)
Eicher Motors 3545.45↓-25.45(-0.71%)
Grasim Inds 1718.35↑2.25(0.13%)
H D F C 2704.75↓-6.20(-0.23%)
HCL Technologies 1119.85↑24.50(2.24%)
HDFC Bank 1641.05↓-5.85(-0.36%)
HDFC Life Insur. 567.00↑9.40(1.69%)
Hero Motocorp 2692.15↓-20.85(-0.77%)
Hind. Unilever 2638.10↓-3.35(-0.13%)
Hindalco Inds. 407.70↑0.95(0.23%)
ICICI Bank 950.35↓-3.95(-0.41%)
IndusInd Bank 1246.15↓-1.85(-0.15%)
Infosys 1292.80↑23.90(1.88%)
ITC 424.75↑4.90(1.17%)
JSW Steel 704.60↑10.75(1.55%)
Kotak Mah. Bank 1940.20↓-1.45(-0.07%)
Larsen & Toubro 2216.60↑26.55(1.21%)
M & M 1265.55↑5.15(0.41%)
Maruti Suzuki 9156.65↑50.70(0.56%)
Nestle India 21494.80↓-195.35(-0.90%)
NTPC 174.10↑0.80(0.46%)
O N G C 165.60↑0.70(0.42%)
Power Grid Corpn 234.35↑0.65(0.28%)
Reliance Industr 2455.00↑13.05(0.53%)
SBI Life Insuran 1150.80↓-3.35(-0.29%)
St Bk of India 577.15↑2.00(0.35%)
Sun Pharma.Inds. 937.45↑11.60(1.25%)
Tata Consumer 766.10↑0.65(0.08%)
Tata Motors 522.50↓-2.45(-0.47%)
Tata Steel 105.00↑0.35(0.33%)
TCS 3298.70↑75.85(2.35%)
Tech Mahindra 1104.45↑32.30(3.01%)
Titan Company 2712.55↑10.90(0.40%)
UltraTech Cem. 7715.65↑34.35(0.45%)
UPL 670.40↑2.40(0.36%)
Wipro 395.75↑9.55(2.47%)

Income tax department to monitor advance tax payments by companies

The idea is to both widen and deepen tax bases, according to two official in the know

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The action plan, with a greater emphasis on enhancing tax collected at source and utilising the enforcement mechanism to detect tax evasion, is expected to increase the taxpayer base by 10 per cent in 2023-24

3 min read Last Updated : May 22 2023 | 8:40 PM IST

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In a move to ensure companies do not defer their tax liabilities for the financial year, the income-tax department has decided to keep a close watch on advance tax payments by analysing India Inc’s annual and quarterly balance sheets, as well as sectoral growth trends.

According to the I-T department’s central action plan for 2023-24, financial statements of top 100 listed companies in their last published annual reports, and quarterly reports through the year, will be analysed. Based on this study, senior officials will monitor advance tax collections of their charges. The officials have also been asked to focus on “notes” and observations on financial accounts, if any.

The tax department, according to sources, will also review growth trends in some sectors like real estate, pharmaceuticals, steel, mining, financial institutions, and gems & jewellery. “It is pertinent to study the balance sheets of comp