Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: empanelment :: ACCOUNTING STANDARD :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« News Headlines »
 Income-tax (22nd Amendment) Rules, 2017
 All about Exports under GST
 Have you missed the due date of filing your Tax Returns?
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here

Advance tax figures back robust growth
December, 19th 2007
Initial advance tax numbers offer a pretty good picture as far as collection by the IT department goes. The State Bank of India, the countrys largest bank, continues to lead the list of the major corporate tax payers in Mumbai. But in contrast to earlier trends, private companies are catching up fast.

Last year, the total tax collection rose 30% and indications are that this year revenue collection could go up by more than 40%. While the SBI shelled out Rs 1,090 crore for the three-month quarter ended December 15, 2007, Reliance Industries (RIL) may just be the second-largest tax payer in the country with an outgo of Rs 1,045 crore for the same period. The SBI tax figure is 26.7% higher than what it paid in the year-ago period.

On the other hand, RIL which paid Rs 440 crore during the same period last year, has registered an increase of 137%. Till a few years ago, it was considered a zero-tax company, thanks to tax planning that involved huge investments in infrastructure projects.

Since most of its projects have become operational now, RILs tax outgo also showed a proportionate increase, enabling it to emerge as one of the top tax payers in India.

According to figures available, the second-biggest bank ICICI Bank has paid Rs 500 crore during the three-month period while Bajaj Auto, the countrys largest two-wheeler manufacturer, has a tax outgo of Rs 175 crore during the said period. Videocon, the durable major, has an outgo of Rs 30 crore.

According to the provisions of the Income Tax Act, advance taxes are paid in four instalments in June, September, December and March. The past couple of years have, in fact, seen a surge in tax collection.

This can be attributed to a sustained buoyancy in the economy and a reduction in the tax rate from 35% to 30%. If revenue collection grows at 40%, it will mark a new high in the history of tax collection in India. For years, collection has been in the range of 15-20% annually.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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