Last updated: March 30th, 2020 1:46 PM

Proposed Form 28AA - 2017 Notification - Income Tax

The Department of Revenue (Central Board of Direct Taxes) has circulated a draft notification for insertion of new rule 39A in the Income Tax Rules, 1962 for creating new type of income tax filing requirement. According to the draft notification issued on 19th September 2017, a new mechanism would be created for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers viz. companies and tax audit cases, on voluntary compliance basis.

Who would have to file form 28AA?

Form 28AA would have to be filed by all companies and any other type of entity or person for whom tax audit is applicable. In the form, the taxpayer must provide information about estimated income and payment of taxes like income, TDS deducted, advance tax paid, etc.,

What is the due date for filing form 28AA?

Form 28AA will be due on or before the 15th November for the period of 1st April to September 30th. In the income estimated as on 30th September is less than the income of the corresponding period of the previous year by an amount of Rs.5 lakhs or 10 percent, whichever is higher, Form 28AA will be due on or before 31st January.

Details to be Provided in Form 28AA

1. Name of the assessee
2. PAN
3. Previous Year (PY)
4. Assessment Year (AY)
5. Nature of Business or profession (if more than one business or profession indicate the main activities/products)
6. Details of estimated Income/tax liability for previous year
7. Details of turnover, profit etc.
8. If the estimated advance-tax payment for the previous year is less than the advance tax paid during the preceding previous year, please specify the reasons (Point-wise).

Form 28AA Notification

A copy of the draft notification introducing Form 28AA is reproduced below for reference: