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
« Direct Tax »
 Here's a list of things to remember while filing income tax returns this year
 Here's a list of things to remember while filing income tax returns this year
 How to fill salary details in ITR1 for FY 2017-18
 Filing income tax returns? You need to disclose these assets to the taxman
 Here's why you should not delay filing your income tax returns
 Six changes in ITR 1 form that you must know ITR 2018-19
 Here are top 5 ways to save money, and you won’t even feel the pinch
 Why checking Form 26AS is necessary Income tax return (ITR) filing
 Central Board of Direct Taxes signs three more unilateral Advance Pricing Agreements with taxpayers
 5 different ways to e-verify Income Tax Return
 CBDT warns Income Tax Department (ITD) over "high-pitched" assessments against taxpayers

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
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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