Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft
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 :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: empanelment
« General »
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 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

Advance tax collection flat in Q3; target looks distant
December, 16th 2011

Advance taxes for the third quarter from corporates headquartered in Mumbai rose by a mere 10%, rendering the targeted tax collection set by the government for March 31, 2012, a difficult target to achieve.

The advance tax collection for September-December period from 100 leading tax-paying companies contributes to about 75% of the total corporate tax collection in Mumbai, and about 35% of the all-India corporate tax collection.

Experts believe that to be in tune with the projected direct tax collection of Rs 5.85 lakh crore, the collection should have been at least 32 % higher than the last fiscal, but is up only 10 %.

Historically, the December tax collection from companies-the third of the four installments of the advance tax payment-account for 75% of the tax collection, and is a barometer to what is store for the rest of the fiscal.

Out of the projected direct tax collection of Rs 5.85 lakh crore, the tax authorities expect Rs 4 lakh crore to be collected from corporate taxes and the remaining from the other taxes.

The tax authorities should ideally have collected Rs 3 lakh crore by way of corporate tax, of which Rs 1 lakh crore should have accrued in December itself. However, on the basis of the past trends, I-T officials believe if the third quarter tax collection falls short, the trend is likely to stay for the rest of the fiscal.

During 2008-09 economic downturn, April- June tax collection figure recorded an unprecedented 75% increase compared with the corresponding period of last year but the collection nosedived in December and the trend continued till the end of the fiscal, resulting into a negative growth in collection for the entire fiscal.

Among the sectors that bucked the trend this quarter were foreign banks, cements and pharma. All other sectors threw up mixed results.

Citibank doubled its tax outgo by paying Rs 400 crore while Standard Chartered Bank paid Rs 413 cr, against Rs 75 crore.

In the cement segment, ACC's tax outgo was up by Rs 45 cr to Rs 95 cr while Ambuja Cement's rose by Rs 50 cr to Rs 110 cr.

State Bank of India's tax outgo declined by Rs 100 cr to Rs 1,700 cr and ICICI Bank's tax outgo remained unchanged at Rs 450 cr. Life Insurance Corporation, India's leading life insurer paid Rs 1200 cr against Rs 1050 cr.

Bank of Baroda saw advance taxes increase to Rs 550 crore (Rs 420 cr), while Hinduja group-controlled Indusind Bank paid marginally higher Rs 120 cr (Rs 110 crore), LIC Housing Finance Rs 90 cr (Rs 80 cr), HDFC Rs 480 Cr ( Rs 410 cr) IDBI Rs 359 crore.

Reliance Industries, India's largest private sector firm paid 16% less this time at Rs 1,000 cr against Rs 1,190 cr last year.

However, Bajaj Auto's tax outgo went up by Rs 70 cr to Rs 450 cr and in contrast Tata Motor's figures dipped by Rs 140 cr to Rs 80 cr.

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