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: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment :: VAT RATES :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements

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 2016 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