TaxTMI 
TaxTMI 
Accounting procedure relating to the collection of advance tax under the head "ITI-Corporation tax".
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....ubject and to say that the accounting procedure relating to the collection/advance tax under/of the head "ITI-Corporation tax" has been reviewed in consultation with the Comptroller & Auditor General and as a result the following revised procedure has been prescribed w.e.f.1970-71. 2. Collection of advance tax from companies should not, w.e.f. 1970-71 be credited to a separate minor head "Advance....
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.... concerned, the Income-tax Officers may ask such assessees to indicate on the challans that the payments are being made under the aforesaid head of account. This is necessary to ensure proper classification of payments of advance tax under "ITI-Corporation Tax". 4. The gross collections of first instalment of advance tax already collected during the year 1970-71 and accounted for under the minor ....
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....ustment memos, as have already been acted upon by the Treasury Officers will also have to be got reversed. For this purpose you may collect from the Income-tax Officers in the accounts for 1970-71 under the final revenue head "Income-tax on Companies" by contra debit to the head "Advance payment of tax - deduct amount transferred to final revenue head on completion of regular assessments" and send....