CBDT yet to notify norms seeking corporate tax estimates in advance

Likely to shelve proposal

by Arjit Singh Bhambra

The CBDT is likely to shelve its proposal which required businesses and professionals to submit their tax payment estimate for the next two quarters in advance, as per a report in Hindu Business Line [see here]. With just a few days remaining to the deadline for filing the first set of such details, the central board is yet to notify the final norms. Also, the CBDT has not indicated a final date for receiving public comments on the draft notification. The proposed changes enables the income tax department to estimate the annual income for an entity during the financial year. This would have led to identification of sectors and regions where tax receipts are lagging besides boosting revenue mobilisation.

References
1. http://www.thehindubusinessline.com/economy/cbdt-may-shelve-plan-to-seek-corporate-tax-estimates-in-advance/article9954899.ece
CMIE STATISTICS
Unemployment Rate
Per cent
4.8 +0.0
Consumer Sentiments Index
Base September-December 2015
97.2 -0.2
Consumer Expectations Index
Base September-December 2015
96.5 0.0
Current Economic Conditions Index
Base September-December 2015
98.2 -0.5
Quarterly CapeEx Aggregates
(Rs.trillion) Mar 17 Jun 17 Sep 17 Dec 17
New projects 4.00 2.11 1.18 0.84
Completed projects 1.95 0.86 1.03 0.90
Stalled projects 0.74 2.67 0.67 0.80
Revived projects 0.86 0.30 0.29 0.20
Implementation stalled projects 0.33 0.69 0.73 0.58
Updated on: 22 Jan 2018 9:20AM
Quarterly Financials of Listed Companies
(% change) Mar 17 Jun 17 Sep 17 Dec 17
All listed Companies
 Income 10.2 9.7 7.9 10.8
 Expenses 11.9 10.0 9.2 10.5
 Net profit 16.1 -19.8 -20.0 15.0
 PAT margin (%) 6.0 5.3 5.4 14.9
 Count of Cos. 4,460 4,387 4,310 153
Non-financial Companies
 Income 11.8 10.3 7.7 9.9
 Expenses 15.6 10.6 7.8 9.8
 Net profit -2.3 -25.2 -7.9 13.9
 PAT margin (%) 6.2 5.2 6.1 14.6
 Net fixed assets 6.9 9.0
 Current assets 2.7 78.0
 Current liabilities 8.8 10.6
 Borrowings 4.9 10.1
 Reserves & surplus 6.3 4.8
 Count of Cos. 3,448 3,406 3,346 111
Numbers are net of P&E
Updated on: 22 Jan 2018 9:20AM
Annual Financials of All Companies
(% change) FY14 FY15 FY16 FY17
All Companies
 Income 10.0 5.3 1.4 6.6
 Expenses 9.9 5.4 1.5 7.1
 Net profit -2.5 1.6 -12.6 18.7
 PAT margin (%) 3.1 3.2 2.9 5.7
 Assets 12.3 9.4 9.8 8.3
 Net worth 9.6 8.7 10.8 7.2
 RONW (%) 6.1 6.1 5.1 8.3
 Count of Cos. 24,439 24,353 22,049 8,816
Non-financial Companies
 Income 9.7 4.5 0.5 6.4
 Expenses 9.4 4.6 -0.3 7.6
 Net profit -3.1 -5.5 12.5 11.8
 PAT margin (%) 2.2 2.1 2.6 5.3
 Net fixed assets 11.7 13.3 15.6 7.3
 Net worth 8.2 7.1 11.2 5.3
 RONW (%) 5.0 4.9 5.4 9.0
 Debt / Equity (times) 1.1 1.1 1.1 0.8
 Interest cover (times) 2.0 1.9 2.0 2.9
 Net working capital cycle (days) 69 67 65 52
 Count of Cos. 19,688 19,805 18,467 6,761
Numbers are net of P&E
Updated on: 21 Jan 2018 12:27PM

Data added for HPI at Assessment prices and HPI at Market prices