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

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  • Last Updated on 26 October, 2020

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NewsOlive ” The concept 39A was positioned at those payers in whose calculation of income and cost of advance levy were lesser than that for the related period of the preceding preceding year, expressed Naveen Wadhwa, DGM, Taxmann.
 

“payers are already walking under cooperation concerns after beginning of GST. On a normal, a mid-sized enterprises entity is demanded to register more than 50 returns every year under Income-tax and GST.

“Such additional reporting of estimated income and reasons for shortfall in the payment of advance-tax will only increase the compliance burden of taxpayers,” Wadhwa said.”

 

Read the full story here: Govt. may drop proposal on self-reporting of income estimates, Taxmann

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