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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: form 3cd :: VAT Audit :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company
 
 
« Direct Tax »
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal

Direct tax collection increases 8.1% to Rs 2.27 lakh crore
December, 18th 2009

The recovery of the Indian economy, as was broadly expected, has worked well for the advance tax figures for the third installment that was payable by December 15. The all India direct tax collection, which includes corporate and personal taxes, increased 8.1% to Rs 2.27 lakh crore, according to figures that are currently with the income-tax (I-T) department.

This relates to collections between April and December this year and compares to the same period for the the previous year.

Advance taxes are usually paid in four installmentson June 15, September 15, December 15 and March 15. With only one installment remaining to be paid, officials are now hoping that a stronger economy can boost the advance tax collection by the end of the fiscal.

According to senior I-T officials, the rise in the tax collection could go up to 10 % by the third week of December. This is when the tax mopup operation for the third quarter is expected to be completed. An 8% increase in tax mopup is considered significant in view of the fact that the growth in tax collection this fiscal has been limping at a rate of 2-3%.

This was until the collection process began for the third installment of the advance tax collection. The marked jump in the rate of increase was attributed to healthier GDP figures recorded for the second quarter apart from companies reporting better financial numbers.

Corporate tax collection has gone up by 11.3% to 1.48 lakh crore. This is on the back of zero-tax payable by the state-owned oil companies like IOC, HPCL and BPCL. This is on account of the non-issue of oil bonds by the government. PSU oil companies generally account for about Rs 2,500 crore.

The tax collection from foreign banks operating in India has also come down significantly, affecting the rate of growth in tax collection.

The big relief for taxmen came when the domestic banking industry, which includes the largest public sector bank State Bank of India, reporting higher tax payments.

Other large companies such as Reliance Industries, Hindustan Unilever, Tata Steel too have paid higher advance tax this quarter. Overall, companies in the auto industry and pharmaceuticals have paid higher advance tax.
What could be a dampener is the possible impact of the drought in many parts of the country, which could impact the figures for the March 15 advance tax collection.

The governments projection for the years tax collection is Rs 4 lakh crore. This is a tall order that can be met only if the recovery process gains pace in the remaining period of the fiscal, said a senior I-T official.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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