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: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: empanelment :: cpt :: articles on VAT and GST in India :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd
 
 
« Direct Tax »
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg
 CBDT issues draft rules for valuation of unquoted shares
 Central Board of Direct Taxes releases rules to compute fair market valuation of unlisted shares

Direct tax kitty swells a bit
December, 02nd 2009

Direct tax collections in the period April to November this fiscal grew by just 2.4% but the revenue department is now hoping to improve upon this given the better-than-expected growth in gross domestic product or GDP during the quarter to September 2009.

Officials say they consider even the small growth in collections as significant, largely because the comparison was with the year ago tax collection, figures which were achieved at a time when economic growth was high. During the year ago period (April to November) tax collections recorded a y-o-y growth of 21%. Tax officials say that the rebound in growth especially in manufacturing should be reflected in the tax pay out by corporates and other assesses.

The government collects direct tax in four installments on June 15, September 15, December 15 and March 15. By December, assessees pay 75% of the total advance tax for the year. The optimism of the tax authorities stems from the fact that last years trend of declining collections started off with the third installment of advance tax payment due on December 15 and continued till the end of the fiscal, resulting in a total shortfall of about Rs 60,000 crore against the original target of Rs 3,95,000 crore.

The 70% growth in collection witnessed during April-June 2008 declined to less than 11% by December 2008. The collection during April-December 2008 period was Rs 2,30,000 crore. The government has projected a collection of Rs 4,00,000 crore under the direct taxes head which includes mainly corporate tax and personal tax.

The robust GDP growth numbers for the quarter to September end this year dispels fears of a repeat of the negative trend seen last December The Income-tax departments internal reports on corporate margins are compelling reasons for the government to expect at least a 10 to 15% increase in collections by December 15.

Total collection, including corporate and individual taxes, until November 30 was Rs 1,84,353.5 crore. The corresponding figure last fiscal was Rs 80,114.9 crore. Out of this, corporate taxes accounted for Rs 1,15,570 crore, a y-o-y increase of 3.5 %. Collections from the Securities Transactions Tax (STT) registered a growth of close to 17% at - Rs 4,859 crore over the year ago period.

Though a major part of advance tax collections are paid within two days of the due date, taxes in the form of self assessment tax, Tax Deducted at Source (TDS), Securities Transactions Tax (STT) and Wealth Tax are paid much before the due date for advance tax payment.

Though a major part of advance tax collections are paid within two days of the due date, taxes in the form of self assessment tax, Tax Deducted at Source (TDS), Securities Transactions Tax (STT) and Wealth Tax are paid much before the due date for advance tax payment. TDS is paid within one month of deduction while STT is paid as and when the transaction took place.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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