News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
« Direct Tax »
 Not received tax refunds for past years due to incomplete ITR? Now, you have a chance to get it back
 I-T dept to crack the whip on tax evaders, resume probe in pending cases
 Good news from Income Tax department for these ITR filers CBDT
  CBDT allows One Time Relaxation for Verification of Tax Return pending due to Non-Filing of ITR- V Form and Processing of Such Returns
 CBDT allows One Time Relaxation for Verification of Tax Return pending due to Non-Filing of ITR- V Form and Processing of Such Returns
 I-T dept asks taxpayers to verify ITRs for AYs 2015-16 to 2019-20 by Sep 30
 Withdrawing cash and not filing ITR? Now pay TDS on cash withdrawals above Rs 20 lakh
 CBDT allows Processing of Income Tax Refund claims for Old Non-Scrutiny cases till Oct 31, 2020
 Your share trading, other data will now be with Income Tax Department
 Income tax exemption on sovereign wealth funds' income from infra investment: CBDT
 Income tax department amends TDS form, makes it more comprehensive

Government to lower direct tax collection target, up compliance
January, 19th 2009

The government is likely to pare the direct tax collection target for the current fiscal due to the negative impact of the global economic slowdown on India Incs profitability. The revised estimates are likely to be released during the interim Budget next month.

Sensing trouble, the Income-Tax Department has already initiated efforts to augment tax collection in the remaining part of the fiscal ending on March 31, by deciding to put the name of tax evaders in the public domain.

The direct tax collection target is likely to be lowered to some extent, said a senior finance ministry official familiar with the development. It is likely that the revised target may be fixed at Rs 5,000-10,000 crore lower than the Budget estimate of Rs 3,65,000 crore for 2008-09.

Direct tax collections have declined in November as well as December. They grew by about 11 per cent at Rs 2,30,000 crore in the April-December period of the current fiscal, as against the required growth rate of 16 per cent to achieve the Budget estimate. Similarly, indirect tax (central excise, customs and service tax) collections are also under stress mainly due to the dip in excise and Customs collections from October onwards.

With the indirect tax collections target likely to be lowered by at least Rs 20,000 crore, the government finances have come under stress, which is reflected in the additional government borrowing to fund fiscal incentives, salary hikes and the farm debt waiver. The Income-Tax Department, which held an emergency meeting of the state tax chiefs here on January 16, has prepared an action plan to launch a drive against tax evaders by publishing their names in the public domain and initiating prompt penal proceedings against tax deductors not depositing cash with the exchequer.

It has been decided to start penal proceedings immediately against tax deductors who are deducting tax but not depositing it with the government, said an income-tax official.

With dipping collections from advance tax, which is paid quarterly by companies and individuals based on profit and income projections, the department is focusing on the tax deducted at source (TDS) receipts.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting