TaxTMI 
TaxTMI 
Accounting procedure relating to the collection of advance tax under the head "ITI-Corporation tax".
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....h August, 1969 (Instruction No.101/1969) on the above subject 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....
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....hallans which have already been issued to the assessees are 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 collect....
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....ment if any made during 1970-71 on the basis of such of the adjustment 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 fi....
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....e payments should be made in the Refund vouchers used for making regular refunds. 7. With the issue of these instructions it will not be necessary to issue adjustments memos to the Treasury on completion of regular assessments either under "ITI-Corporation tax" or under "IV-Taxes on Income". Many of the Commissioners of Income-tax have asked for clarification regarding the nature of entries to ....