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: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: due date for vat payment :: cpt :: articles on VAT and GST in India :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

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