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: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: cpt :: form 3cd :: due date for vat payment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT Audit :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India
 
 
« News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

Direct tax mop-up may exceed target
November, 28th 2006

Direct tax collections are likely to be over Rs 10,000 crore of the Budget target of Rs 2,10,419 crore. This will be the first time in many years that there is no shortfall in tax collections. However, it is still less than the finance ministrys earlier estimate of a Rs 20,000 crore surplus in tax revenue.

A finance ministry official said, Tax collection has been growing at a rate of 40% compared with last years and it is over 28% of this fiscals estimate. We are confident of overshooting the budget target.

Direct tax collections may be boosted further in December when a large chunk of advance tax is paid to the government. Last fiscal, about Rs 25,000 crore was paid as advance tax.

Gross direct tax collections crossed the Rs 1 lakh crore mark in mid-November, amounting to Rs 1,21,118. 7 crore. Corporate tax collections grew by 36.5% to Rs 75,494 crore in April-November, 2006. Personal income tax collections registered a growth of 25.9% to Rs 39,786.3 crore. The biggest gainer has been the securities transaction tax collections, which were up by a whopping 91.2% to Rs 2907.5 crore in the first eight months of the fiscal. Fringe benefit tax collection has seen a growth of 39% to Rs 2,440.7 crore in the period under review.

While a buoyant economy and good corporate earnings, along with stricter measures to curb tax evasion are among the main reasons for such record tax collections, sources however said, this record was also due to certain accounting changes.During the State Bank of India strike in March, the government was unable to deposit the tax collected there into the Reserve Bank of India.

A part of the funds were later deposited during the new financial year of 2006-07, allowing the government to start the fiscal with a surplus in its kitty. The surplus is estimated to be about Rs 3,000 crore, sources said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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