Latest Expert Exchange Queries

Make 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) | 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: VAT RATES :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: list of goods taxed at 4% :: cpt :: due date for vat payment :: ACCOUNTING STANDARDS
 
 
« News Headlines »
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid

Direct tax mop-up set to rise 40% for 2nd year in a row
November, 23rd 2007
Direct tax collections are set to reach an unprecedented level of Rs 322,000 crore by March 2008 due to 40 per cent year-on-year growth for the second consecutive year. The 2007-08 Budget estimate for direct tax collections is Rs 267,490 crore.
 
A key contributor to this high growth will be the tax deducted at source, collections from which are rising sharply due to better administration.
 
TDS collections are expected to reach Rs 100,000 crore in 2007-08, compared with Rs 69,000 crore in 2006-07, a growth of 45 per cent, said an official of the Central Board of Direct Taxes (CBDT).
 
Personal income tax collections, which rose 34 per cent in 2006-07, are growing at around 40 per cent. Similarly, corporation tax collections are growing at 45 per cent, compared with 41 per cent in 2006-07.
 
Till November 15 this fiscal year, direct tax collections rose 43 per cent. Top CBDT officials expect the figure to cross Rs 210,000 crore by December-end. This means nearly 80 per cent of the Budget target will be met in the first nine months of 2007-08 itself.
 
The buoyancy in collections can be attributed to economic growth, improvement in administration, expansion of tax-payer base and improvement in compliance levels, said a senior finance ministry official.
 
Direct tax collections rose 39.27 per cent to Rs 230,091 crore in 2006-07. The average growth in the three-year period between 2003-04 and 2005-06 was 26 per cent.
 
Even on this high a base, direct tax collections are expected to grow at the last fiscals rate of 40 per cent, said an official of the income-tax department.
 
With indirect tax collections target within reach, the surge in direct tax collections will help the government meet the fiscal targets for 2007-08 comfortably. In fact, the revenue deficit target of 1.5 per cent and fiscal deficit target of 3.3 per cent for 2007-08 may be revised further downward.
 
The Budget targets will be achieved. Revenue growth estimates were lower for the fiscal, so higher direct tax collections are a saving grace, said M Govinda Rao, director, National Institute of Public Finance and Policy.
 
However, the actual overall fiscal deficit would exceed the Budget target if off-budget expenditures on subsidies for fertiliser, oil and food were taken into account, Rao added.
 
Higher direct tax collections have put the country on track for achieving the Fiscal Responsibility and Budget Management Act targets. If some cash is left after meeting the Budget targets, the government should spend it on infrastructure, health and education, said Gaurav Taneja, national tax director, Ernst & Young.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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