« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Budget 2008: Hopes and fears... Law on advance ruling is futile... » Direct tax mop-up in Ludhiana declines, Haryana shows rise January, 28th 2008 If the industrial hub of a progressive state registers a negative growth rate in the collection of direct taxes, it explains the economic health of the state.   The Ludhiana circle of Punjab (which includes Ludhiana, Jalandhar, Hoshiarpur and Moga) registered a decline of 4.52 percentage points in the direct tax (excluding TDS) collection from April-December 2007.   At the same time there was an increase of 118.60 percentage point in the direct tax collection in Faridabad and Gurgaon, the industrial towns of Haryana.   The corporate tax collection in the Ludhiana circle slashed from Rs 276.48 crore to Rs 204.09 crore during this period. Haryana did exceedingly well with Rs 989.96 crore from April-December 2007 as compared with Rs 394.86 crore in the same period last year.   The statistics explain the ailing health of Punjabs economy. In the past few years, some of the major industrial houses of the state like Abhishek Industries, Saluja Group, Oswal Group and Sportking expanded in other parts of India and hence no major new investment in the crowded city of Ludhiana was made. Erratic power supply was one of the reason that diverted many investments to the hilly states which also provided tax benefits.   The rupee appreciation in the past one year has also squeezed the margins of most of the export-oriented small and medium enterprises (SMEs) in the region.   In the past three years Punjab witnessed investments only in the field of real estate and retail where as agriculture and manufacturing remained sluggish.   In comparison, the growth in Haryana was driven by the expansion of the information technology, automobile ancillaries and retail sectors.