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: due date for vat payment :: articles on VAT and GST in India :: empanelment :: VAT Audit :: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4%
 
 
Direct Tax »
 GST: Renaming Central Board of Excise and Customs to CBIC may take a while
 CBDT notifies new scrutiny notices with e-facility for taxpayers
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules

Direct tax kitty grows 11% in Oct to 19.7k crore
November, 06th 2008

After remaining robust in the first six months of the current financial year, direct tax collections seems to be slowing down. Direct tax collections grew by 11% in October, 2008 at Rs 19,708 crore, compared to Rs 18,809 crore in the corresponding period in last fiscal.

This is could give reason to worry as it is the first time this fiscal that the growth in collections has slipped below the growth rate of 25.6% required to achieve the target. The government had scaled up the collection target set in budget from Rs 3,65,000 crore to a little less than Rs 4,00,000 crore. To achieve the initial budget estimate, direct taxes need to grow by 16.07%.

Though, tax collections in October showed some signs of slowdown, robust growth in earlier months provide some comfort. Tax collections of corporate tax and personal income tax including fringe benefit tax, securities transaction tax and banking cash transaction tax grew by 29.52% in April-October, 2008 period at Rs 1,66,905 crore. Corporate tax collections grew by 32.74% at Rs 1,05,174 crore while personal income tax by 17.65 % in the first seven months of the current financial year. Fringe benefit tax grew by 47.43% at Rs 4061 crore in the same period. The lack lustre stock market cast its shadow on securities transaction tax collections which witnessed a negative growth of 1.6% at Rs 3724 crore. Banking cash transaction tax grew by 17.73% at Rs 366 crore.

Finance ministry sources pointed that the main reason for the relatively slower growth in October was mainly on account of corporates paying self assessment tax in September itself, as the last date of filing of tax return forms was advanced to September 30. To put it simply, companies after assessing their income in a financial year have to pay tax in advance in four instalments.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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