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: ACCOUNTING STANDARD :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT RATES :: TDS :: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit
 
 
Direct Tax »
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

Government likely to miss direct tax collections target
December, 09th 2011

The economic slowdown is likely to take a toll on meeting the Budget estimate target of direct tax collections in the current fiscal.

"Not at all. How can I be confident (of meeting the budget estimate) when there is a slowdown? It will be difficult...now advance tax will come, let's see what happens in the next instalment," CBDT Chairman M C Joshi told PTI on the sidelines of an international tax conference here.

The Finance ministry had in October revised the Budget estimate of direct tax collection upwards by Rs 53,000 crore to Rs 5,85,000 crore. The revision was intended to bridge the shortfall that might occur due to reduction in customs duty on crude oil to offset the price rise.

Net direct tax collection rose 8.63 per cent during the first eight months (April-Nov) of the current fiscal. "Now the growth rate is 8 to 9 per cent as compared to last year. To breach the target you need growth rate of 27 per cent (in direct tax collection). We are not comfortable...," he said.

The Income Tax department has been able to achieve only 44 per cent of the Budget estimate till now, a senior official said earlier this week. The net direct tax collection grew 8.63 per cent to Rs 2,35,333 crore during the first eight months of this fiscal. It stood at Rs 2,16,628 crore in the same period of the previous fiscal, according to official sources.

The Income Tax department provided refunds to the tune of Rs 68,669 crore during the period, as against Rs 37,640 crore in the corresponding period last year.

On whether additional steps were being taken to meet the target, Joshi said: "We are utilising information better. We are looking at the corporate sector, the top 3,000 companies as of now. They generate 70 per cent of our revenue. Looking at them, how they are working...".

The gross corporate tax collection was up 19.61 per cent at Rs 1,99,317 crore during April-November, against Rs 1,66,638 crore in the same period last year, sources said.

Similarly, net personal income tax was up 14 per cent at Rs 88,567 crore.

 
 
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