CBDT proposal on advance estimates of tax liability irks industry

Move comes at a time when taxpayers are struggling with compliance burden related to GST

A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the goods and services tax (GST) regime. However, some of them said that the notification is aimed at bringing about transparency.
 

The CBDT had proposed that companies and taxpayers, who have to get their accounts audited, will be required to submit their income estimates and tax liability for six months of the financial year 2017-18 to the I-T