https://www.taxtmi.com/news?id=18807 A draft insertion of Rule 39A would require companies and taxpayers subject to tax audit to intimate estimated income, tax liability and payments using prescribed Form No.28AA based on mid-year estimates and, if materially reduced from the prior year, a subsequent year-end intimation. Form No.28AA prescribes detailed line items for income heads, deductions, tax computations (including deemed income and credits), TDS/TCS and advance tax, alongside turnover and profit disclosures and a required explanation when estimated advance-tax is lower than prior-year payments. Public comments are invited on the draft. en-us Tue, 19 Sep 2017 12:22:53 +0530 Tue, 19 Sep 2017 12:22:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18807 A draft insertion of Rule 39A would require companies and taxpayers subject to tax audit to intimate estimated income, tax liability and payments using prescribed Form No.28AA based on mid-year estimates and, if materially reduced from the prior year, a subsequent year-end intimation. Form No.28AA prescribes detailed line items for income heads, deductions, tax computations (including deemed income and credits), TDS/TCS and advance tax, alongside turnover and profit disclosures and a required explanation when estimated advance-tax is lower than prior-year payments. Public comments are invited on the draft. News - Tue, 19 Sep 2017 12:22:53 +0530 https://www.taxtmi.com/news?id=18807