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: due date for vat payment :: articles on VAT and GST in India :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: cpt :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
Direct Tax »
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards
 Sushil Chandra to be the next CBDT chief

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 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 2016 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