Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: VAT Audit :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: empanelment :: list of goods taxed at 4% :: cpt
« Direct Tax »
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

Growth in direct taxes falls to 25.5% in Sept
October, 07th 2008

Direct tax collections, which had remained buoyant till now, appear to be showing some early signs of slowdown. Overall direct tax kitty grew 25.51% at Rs 62,788 crore in September 2008 compared to 38.08% year ago. Advance tax payments, based on taxpayers projected income giving a clear indication of industrys performance in coming months, were up 20.7% compared to 29.6% in September 2007.

Any slippage in the direct tax growth would bring governments fiscal situation under pressure. Banking on the upbeat growth witnessed in direct tax collections, the government had scaled up the collection target set in budget from Rs 3,65,000 crore to a little less than Rs 4,00,000 crore. A growth of at least 25.6% is required to achieve the revised target, which would have helped the government in meeting its additional funding requirements arising out of the revised pay scales of its employees, mega farm debt waiver package and subsidies. To achieve the initial budget estimate, direct taxes need to grow by 16.07%.

Cumulative growth in direct tax collections, however gives some comfort. Net direct tax collections during first six months of the present fiscal (April-September 2008) stood at Rs 147,197 crore, up from Rs 111,055 crore, registering a growth of 32.54%. Growth in corporate taxes was 35.65% at Rs 95,283 crore as against Rs 70,240 crore in the same period last fiscal. Personal income tax, including fringe benefit tax (FBT), securities transaction tax (STT) and banking cash transaction tax (BCTT) grew at 26.94% to Rs 51,701 crore as against Rs 40,729 crore.

FBT was up 62.23% at Rs 3,580 crore in April-September 2008 as against Rs 2,207 crore in the same period last fiscal.

Lacklustre stock markets took its toll on STT, which grew just 2.72% at Rs 3,182 crore against Rs 3,098 crore in the year-ago period. BCTT was up 17.65% at Rs 320 crore as against Rs 272 crore in April-September, 2007, an official statement said on Monday.

Advance tax payments grew 20.7% Rs 60,800 crore in September 2008. The last date to pay the second instalment of advance tax was September 15. Advance tax is paid in four instalments June, September, December and March.

Growth in corporate tax deducted at source (TDS) remained above 52% and personal income tax TDS grew at 28%.

Corporate TDS collections stood at Rs 30,810 crore as on September 30, 2008 against Rs 20,210 crore during the corresponding period last year. Personal income tax TDS stood at Rs 33,276 crore as against Rs 26,002 crore in the same period.

Self-assessment tax paid by both corporate and non-corporate taxpayers, voluntarily before filing their tax returns, registered substantial growth at 111% and 71%, respectively.

Continued high growth in TDS and FBT collections indicates inherent strength of the Indian economy and continued improvement in tax administration. Higher growth in self-assessment tax indicates continued improvement in tax compliance levels.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions