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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

Efforts on to widen tax base: CBDT member
January, 02nd 2008
Mumbai tops in corporate tax mop-up

Pointing out that the Income-Tax Department was now actively working on a plan to both widen and deepen (raising compliance levels) the tax base, Mr R.S. Mathoda, Member, Central Board of Direct Taxes, said here today that direct tax collections have continued to record a growth of over 40 per cent for the period April to December 15.

Participating in an interactive session organised by the Bengal National Chamber of Commerce and Industry (BNCCI) here today, Mr Mathoda said net direct tax collections stood at Rs 1,67,407 crore, against Rs 1,15,377 crore in the same period last fiscal, recording a growth of 42.5 per cent. He said this reflected an achievement of over 61 per cent of the budgeted direct tax target of Rs 2.67,490 crore.

He said the cost of collections has come down from 7.4 per cent in 2005-06 to 0.5 per cent in 2006-07, indicating a healthy trend for future direct tax collections.

Mumbai tops

Corporate tax registered a growth of 42.37 per cent at Rs 98,391 crore, up from the Rs 69,110 crore in the previous fiscal. He said the overall corporate tax growth was highest in the Mumbai region (68.43 per cent), followed by Pune (58.68 per cent), north western region (Chandigarh) at 47.98 per cent, Andhra Pradesh (Hyderabad) at 43.82 per cent and eastern UP (Lucknow) at 39.79 per cent.

Corporate tax growth, he said, was the highest in the north-eastern region (Guwahati) at 244.18 per cent, followed by Kerala (Kochi) at 83.33 per cent, Mumbai at 80.92 per cent, eastern Uttar Pradesh (Lucknow) at 71.22 per cent and Pune region at 56.24 per cent.

Tax Code

Later, talking to newspersons, Mr Mathod said more steps were on the anvil, especially after the proposed new Tax Code Bill is placed before Parliament in the next session, for a broad guideline on how to raise the effective rate of taxation for corporates while minimising the various exemptions and incentives.

On the ongoing computerisation drive taken up by the department, as part of the overall revamp exercise for ushering in a greater assessee-friendly environment, he admitted that the pace of implementation was not up to the desired level. We still need to integrate the regional systems with the Central Server in Delhi, and the back-up in Chennai. He expected the uploading to be completed by March 2008.

Training programme

Citing the agreement between IBM and Airtel for providing the connectivity to the I-T department, Mr Mathod said training schemes for staff were being intensified through tie-ups with some B schools, and also through training sessions abroad. The first batch f I-T department trainees is expected to travel to Singapore for a familiarisation exercise.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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