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: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: cpt :: VAT RATES :: empanelment :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS
 
 
News Headlines »
 E-filing ITR: Govt's income tax website or private websites?
 Income-tax (17th Amendment) Rules, 2017
 GST: One nation, one market, one tax
 Ready or not, businesses brace for biggest-ever tax reform
 Ready or not, businesses brace for biggest-ever tax reform
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return

Advance tax collections may see a sharp rise
October, 13th 2009

Senior income-tax (I-T) officials expect tax collections to increase substantially by December 15, when the third installment of advance tax payable in the current fiscal is due.

But officials, who spoke on condition of anonymity, are not ready to extend their predictions beyond December, largely because of the experience last fiscal, when collections crashed in the December 2008 to March 2009 period.

Data for all India direct tax collections till Friday last showed a year-on-year increase of 3%, which according to tax professionals, is a continuing sign of the recovery process that began a couple of months ago. The figure for April 1-October 9 period is Rs 152,000 crore.

The government is seeking to generate Rs 400,000 crore this fiscal by way of direct tax collection. This is almost the same figure projected for the last fiscal. The fact that the tax collection during the April-October period is comparable to the same period last fiscal is an encouraging sign, an I-T source said.

The steep decline in the collection last fiscal began after September, as an inevitable fall out of the global financial meltdown that followed the collapse of US bank Lehman Brothers. Ultimately, Indias fiscal year ended with a Rs 60,000 shortfall, compared to the original target, in direct tax collection.

Advance taxes in India are paid in four installments: June, September, December and March. Under normal circumstances, the trend in September continues till the end of the fiscal provided nothing unusual happens in the rest of the year.

Direct tax collected from Mumbai, which accounts for over 35% of the all India collection, is about 6% higher over the year-ago figure at Rs 63,200 crore. The collection by way of tax deduction at source from Mumbai too is on the rise, about 10% up to Rs 24,700 crore, compared to the yoy figure.

Revenue from Chennai, Hyderabad, Kolkata, Chandigarh, Meerut, Bhubaneswar, Jaipur, Kochi, Lucknow and Kanpur showed a significant growth over the year ago figures.

The collection so far includes revenues from advance taxes, self assessment taxes, securities transaction taxes and regular assessments.

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

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