Pay Advance Tax Rather Than Annual Returns: I-T Dept

By Religare
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    In a bid to widen the tax base, the Income Tax department has asked traders and businessmen to pay advance tax rather than file annual returns at the end of the financial year so they can be added as new assesses promptly.

    Pay Advance Tax Rather Than Annual Returns: I-T Dept
     

    The department is running an ambitious drive to bring under its net one crore new taxpayers after the government recently asked the taxman to achieve the target within the current fiscal.

    In the national capital, the Central Board of Direct Taxes (CBDT) has tasked the taxman to add 5.32 lakh new assesses within this time frame. The CBDT is the apex policy-making body of the Income Tax department.

    As part of this initiative, the department is now holding public sessions called 'Seedha Samvad' (direct communication) with industry and trade bodies in public places across the country, including in Delhi.

    One such session was held here this week in the popular Kamla market area near Delhi University, with the North Delhi Traders Federation (NDTF).

    Advance tax is also known as the 'pay as you earn tax' and, as per existing laws, any person whose tax liability is more than Rs 10,000 in a fiscal, he or she should make this payment in installments rather than doing it at the end of the year.

    These receipts ensure the government keeps getting a steady trickle of revenue and also allows taxman to meet the revenue collection target.

    Read more about: advance tax income tax
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