Govt may drop proposal on self-reporting of income estimates – DailyExcelSior

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  • Last Updated on 26 October, 2020

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The Government may drop the proposal to create a self-reporting mechanism for income estimates, tax payments and advance tax liability by certain taxpayers on voluntary compliance basis in view of adverse comments received from stakeholders, say experts in the know.

The proposed reporting mechanism for companies and tax audit assessees was sought to be created by way of inserting a new Rule 39A and Form No 28AA in the Income-tax Rules, 1962. The finance ministry had sought views on the proposal.

The government has received representations (on the proposal) from stakeholders, which inter alia include proposal to drop the introduction of Rule 39A,” said a finance ministry document.
 

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