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
Latest Expert Exchange
« News Headlines »
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

Corporate advance tax mopup jumps 44%
December, 22nd 2009

Corporate advance tax payments for October-December quarter shot up sharply, suggesting a higher profit growth in corporate sector in the third quarter (October-December) of the current fiscal, pointing to a firm broad-based economic recovery. This has raised hopes of the government meeting its overall direct tax collections target for the year.

With an over 20% growth in advance tax payments, the government expects the direct tax collections for the current fiscal to well exceed the initial budget estimate of Rs 3.7 lakh crore, said a finance ministry official.

However, it is unlikely that the Rs 4 lakh crore target set by the central board of direct taxes will to be met.

Corporate advance tax payments for the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in April-June quarter and a 14.7% increase in July-September quarter.

The company-wise break-up of advance tax collection suggests a broad-based recovery with automobiles, cement, metals and consumer goods doing well.

The increase in advance State Bank of India led the tally of top taxpaying companies by paying the highest advance tax in December quarter at Rs 1795 crore, up 5.59%.

The other top ten taxpayers includes ONGC with Rs 1917 crore, LIC with Rs 981 crore, RIL with Rs 834 crore, SAIL with Rs 1100 crore, NTPC with Rs 1078 crore, Deposit Insurance and Credit Guarantee Corporation with Rs 659.84 crore, BHEL with Rs 500 crore, ITC with Rs 690 crore and Punjab National Bank with Rs 618 crore.

The overall gross direct tax collections stood at Rs 2,51,000 crore, in April- December 19, 2009, a growth of 8.5% over corresponding period last financial year.

The government is banking on a strong growth in the corporate tax collections in the last quarter, allowing it to reach the budget target of Rs 3.7 lakh crore.

Any shortfall in direct taxes collections will put pressure on governments finances as indirect tax collections are also way behind the estimates, reflecting the cut in duty rates given to counter slowdown.

Indirect tax collections for the period April-November were down 18.3%.

Second half of financial year is better than the first. I do not see any big risk on direct tax front as corporate performance is expected to improve since recovery is setting in, said Abheek Barua, chief economist, HDFC Bank

Advance tax is paid in four instalments in June, September, December and March and is based on taxpayers projected income and thus gives an indication of industrys performance in coming months.

The government has already taken Parliaments approval for an additional net spending of over Rs 25,000 crore. It plans to meet this additional spending through savings, implying that there is little possibility of any further cut in expenditure.

Any revenue shortfall will, therefore, have to be met through higher borrowings, further pushing up the fiscal deficit pegged at 6.8% of GDP in 2009-10.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and 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