Latest Expert Exchange Queries

Make 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) | 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: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TDS :: cpt :: ACCOUNTING STANDARD :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: due date for vat payment
 
 
General »
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months
 Here’s how self-employed should efile their taxes
 Advance tax given by individuals in June quarter rises more than 40%

Top 100 corporates' December advance tax outgo rises 18%
December, 17th 2010

The top 100 corporate taxpayers' advance tax payout for the December 15 instalment increased 18 per cent on a year-on-year basis, a top Finance Ministry official said.

On a sequential basis, the cumulative advance tax payout of these companies for the December 15 instalment increased 20 per cent over the payout for the September 15 instalment, Mr S.S.N. Moorthy, Chairman, Central Board of Direct Taxes (CBDT), told reporters on the sidelines of a tax seminar organised by Assocham here.

Mr Moorthy, however, declined to put a number to the total advance tax payouts of the top 100 corporate taxpayers. The final numbers are still being compiled. There could be some more coming in, he noted.

He expressed confidence that the budget estimate for direct taxes for 2010-11 would be comfortably met going by the trend in direct tax revenue receipts.

On international financial reporting standards (IFRS) and income tax law, Mr Moorthy told Business Line the Finance Ministry was yet to take a call on IFRS even as a representative of income tax department is consulting the Institute of Chartered Accountants of India (ICAI) on the matter.

The income tax law or the proposed direct taxes code do not directly address tax treatment where IFRS is adopted.

The CBDT Chairman also said at the seminar that the implementation of goods and services tax (GST) would boost direct tax collections as all transactions will be transparent. The Central Board of Excise and Customs (CBEC) Chairman, Mr S. Dutt Majumder, pointed out that one of the requirements of the proposed GST system is that it would be PAN-based. That (PAN) is the link between GST and income tax. It will certainly give a boost to income tax collections as well, Mr Majumder said.

Meanwhile, Mr Moorthy also ruled out retention of profit-based tax deduction for special economic zone (SEZ) units under the proposed direct taxes code. We have had intensive discussions with the Commerce Ministry on tax treatment of SEZ units under the proposed DTC. We are of the view that investment-linked incentives only should be allowed and not profit-linked deductions, Mr Moorthy said while ruling out any change in stance.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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