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

Shrimi Choudhary New Delhi

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

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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

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First Published: May 22 2023 | 8:40 PM IST

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