Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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 :: due date for vat payment :: ACCOUNTING STANDARD :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS :: empanelment :: articles on VAT and GST in India :: list of goods taxed at 4% :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit
 
 
« News Headlines »
 All you should know while filing Form GST TRAN-1
 What is Goods and Service Tax?
  Income Tax department open to reducing withholding tax for companies
 How to respond to a tax notice under section 143
 Income-tax (22nd Amendment) Rules, 2017
 All about Exports under GST
 Have you missed the due date of filing your Tax Returns?
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional

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