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: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: form 3cd :: due date for vat payment
 
 
« News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Direct taxes blaze a trail, may cross Rs 225k cr
November, 02nd 2006

Riding on the back of corporate and personal income tax collections, the government looks all set to exceed the direct tax mop-up target for the current fiscal.

Direct tax mop-up was up by 38.3% to Rs 91,374 crore in the first seven months of the fiscal as against the targeted growth of 27.7%.

With such buoyancy, we should exceed the budgetary target, Central Board of Direct Taxes spokesperson AK Sinha said on Wednesday. The target for 06-07 for direct taxes has been set at Rs 2,10,000 crore. Growing at this pace, the direct tax collections could cross Rs 2,25,000 crore. In 05-06, the direct tax figure touched Rs 1,64,500 crore.

Mr Sinha attributed the strong growth in direct tax collections to high GDP growth and various initiatives like annual information return (AIR) undertaken by the department. He said AIR, from which the department gets data on high-value transactions in properties, credit cards, bonds and mutual funds, had led to improvement in tax compliance.

The corporate tax collections saw a surge of over 45% at Rs 55,549 crore till October 28, as against Rs 38,199 crore in April-October 05. Personal income tax and fringe benefit tax kitty swelled by 25% to Rs 32,886 crore in the period under review compared with Rs 26,281 crore during the corresponding period in 05-06.

Banking cash transaction tax (BCTT) collections climbed to Rs 269.50 crore in April-October, 06, from Rs 119.50 crore in the year-ago period. The government also had it good on account of buoyancy in the stock markets which saw the benchmark Sensex zooming past 13,000 on Monday. Its securities transaction tax (STT) mop-up jumped 96% to Rs 2,939 crore in Apr-Oct, 06, as against Rs 1,589 crore collected in the same period last fiscal.

On the e-filing, Mr Sinha said there was adequate broadband available and companies should not have any difficulty in filing e-returns. He said 36,262 returns had been filed as on Wednesday. Last fiscal, as many as 3.76 lakh corporate returns were filed. The last date for e-filing has been extended by a month from October 31 to November 30.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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