Income tax department to monitor advance tax payments by companies

The idea is to both widen and deepen tax bases, according to two official in the know

In a move to ensure companies do not defer their tax liabilities for the financial year, the income-tax department has decided to keep a close watch on advance tax payments by analysing India Inc’s annual and quarterly balance sheets, as well as sectoral growth trends.

According to the I-T department’s central action plan for 2023-24, financial statements of top 100 listed companies in their last published annual reports, and quarterly reports through the year, will be analysed. Based on this study, senior officials will monitor advance tax collections of their charges. The officials have also been asked to focus on “notes”