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News INCOME TAX

  • Mar 13, 2019
  • CBDT chairman P C Mody holds review meet on advance tax payment

    Staring at a shortfall in direct tax collection, Central Board of Direct Taxes (CBDT) Chairman P C Mody took a meeting of senior tax officials in Mumbai on Tuesday to review collection figures ahead of the deadline of advance tax payment this Friday. So far the tax department has collected a little less than Rs 8 trillion against the target of Rs 12 trillion for the current financial year. According to sources, the CBDT has directed principal chief commissioners and chief commissioners to observe major advance taxpayers of the Mumbai region and to provide day-to-day updates to the apex body, besides seek explanation from companies if there is negative advance tax outgo. The Mumbai zone is home to 45 of the top 100 companies and is responsible for one-third of direct tax collections.