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 :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: empanelment :: TDS :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

Advance warning, Tax mop-up dips 22%
December, 27th 2008
Indicating slowdown in economic growth, advance tax collections declined in the third quarter, ending December, by over 22% to Rs 42,600 crore from Rs 54,900 crore a year ago. For the first three quarters ended December 15, advance tax collection fell 2.6% to Rs 1,13,000 crore from Rs 1,16,000 crore in the corresponding period last year, a finance ministry official, who did not wish to be identified, said. This brings down the growth rate in direct tax collections for the first nine months to 12% and raises the distinct possibility of the government missing the budget target of a 15% increase in direct tax collections this fiscal to net Rs 3,65,000 crore. Personal income tax deducted at source has shored up aggregate collection of direct taxes, which comprise taxes on corporate incomes including dividend distribution tax and fringe benefit tax, taxes on personal incomes, securities transaction tax and a minuscule amount of wealth tax, apart from collections of arrears on these counts. Advance tax is paid in four instalments by corporate and non-corporate assessees other than salaried employees in June, September, December and March, and is based on the taxpayers own estimates of their incomes. It, thus, gives an indication of overall economic health. The last date for payment of the third instalment of advance tax was December 15. The fourth and the last instalment will fall due on March 15. Salaried employees have their tax deducted at source on a monthly basis. Direct tax collections in November 2008 had dropped 36.09% to Rs 10,346 crore from Rs 16,189 crore in November 2007. The drop in direct tax collections in November and subsequently in advance tax has pulled down the cumulative growth rate from 22% in April-November, 2008 to about 11% in April-December, 2008. Collections stood at Rs 2,32,000 crore till December 24, 2008, compared to Rs 2,08,000 crore in April-December, 2007. A growth rate of 15% is required to meet the budget estimate of Rs 3,65,000 crore in the current financial year. The official said it may now be difficult to achieve the Central Board of Direct Taxes' internal target of Rs 3,95,000 crore. Last four financial years have been a sort of a dream run for direct taxes, which witnessed an over 30% compound annual growth rate in the period on the back of a booming economy. But the slowing economy has cast its shadow on the direct taxes as well. Indias GDP grew 7.8% in the first six months of the current fiscal against 9.3% in the same period last fiscal. Industrial production in October declined by 0.4% for the first time in 15 years, clearly indicating that the manufacturing sector had been impacted by the global financial meltdown
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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