Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT Audit :: VAT RATES :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: due date for vat payment :: list of goods taxed at 4%
Direct Tax »
 E-filing of income tax return (ITR): How E-filing vault makes your account safer
 CBDT issues 24 FAQs on long term capital gains taxation
 Losing sleep over how to submit Income Tax investment proof? Your guide to glitch-free process
 Explanatory Notes to the Provisions of the Finance Act, 2017
 Here’s how you should approach tax planning
 Long Term Capital Gain under Finance Bill 2018
 Awareness drive on income tax returns filing
  Income Tax raid cases not to be processed under e-assessment: CBDT
 Income Tax raid cases not to be processed under e-assessment: CBDT
 CBDT chief to discuss revenue mobilisation with officers
 Income tax arises in the year of accrual or receipt of income

Higher advance tax payments by top 100 firms, better indirect tax collections signal robust economy
October, 03rd 2015

Could the economy be turning a corner? While it's too soon to say that a revival is underway, advance tax payments in September by the top 100 firms were better than what they were a year ago. More importantly, they reflected an improvement — by a factor of 9.09% — in earnings prospects for the full year over June payments, according to data reviewed by ET. Other news has also been positive. The purchasing managers' index for September showed improved manufacturing activity in the second quarter compared with the first.

Core sector data released on Wednesday had provided grounds for optimism, growing 2.6% in August compared with 1.1% in July, pointing to a further bump-up over the 4.2% industrial growth in July. Apart from this, robust indirect tax revenue will likely encourage the Centre to persist with its strategy of accelerated capital spending to kickstart investment in the absence of private involvement. The government spent 40% of its capital budget for the year by August. Not everyone is convinced about a turnaround. The Reserve Bank said on Tuesday that it expects the economy to grow 7.4% in current fiscal against 7.6% projected earlier.

Higher advance tax payments by top 100 firms, better indirect tax collections signal robust economyThe RBI projection came after the economy slowed to 7% in the April-June quarter from 7.5% in the previous one, prompting the central bank to cut its policy rate by a more-than-expected 50 basis points to shore up growth. September advance tax collections stood at Rs 1.41 lakh crore against Rs 1.32 lakh crore in the previous fiscal, up about 7%. June advance tax payments amounted to Rs 43,400 crore. Advance tax is paid in four installments in June, September, December and March. It's based on taxpayers' assessment of projected income and thus gives some indication of corporate performance in the coming months. Typically, the payment is 15% of expected full-year tax by June, 45% by September, 75% by December and full payment in March. Benchmarked against June payments and the prescribed formu la, the payment in September should have been around Rs 1.3 lakh crore. There was a similar jump in advance tax collections last year when GDP (gross domestic prod uct) grew 8.4%. "Industrial recovery, though not buoyant, is seen in some form... These numbers show pickup," said DK Pant, chief economist of India Ratings. What needs to be remembered is that excise duties on automobiles, consumer durables and petroleum were lower last September before the stimulus was withdrawn in January, he said. Companies, he said, may have absorbed some quantum of these higher taxes.


"According to PMI data, the manufacturing sector looks set to provide a stronger contribution to GDP than it did in the April-June quarter," said Pollyanna De Lima, economist at Markit, the agency that compiles PMI. Too much shouldn't be read into the data, said DK Joshi, chief economist, Crisil. "It's a mixed story in India," he said. "Some indicators are positive but others not... There is no convincing evidence of upturn." The higher profits could be due to better margins from lower input costs because of softer crude and commodity prices, better demand or a combination of both. Indirect tax collections, which include excise duty levied at the factory gate, customs duty and service tax, have shown robust growth, holding out hope of a fragile recovery setting in and gaining momentum going forward. This has come amid a rollback of the stimulus and an increase in the levy on petroleum products. The pickup in advance tax payments notwithstanding, overall direct tax collections are well below target and have got the Central Board of Direct Taxes worried. The apex direct taxes body has already held a video conference with chief commissioners and asked them to intensify collection efforts. The direct tax collection target for FY16 is pegged at Rs 7.98 lakh crore, which means a growth surge of 13-14% is needed if this is to be achieved.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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