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 »
 Three reasons to file income tax returns on time
  New direct tax code may have to wait until 2019
 Direct tax collection grows fastest in 7 years in FY18, courtesy GST; here’s how indirect tax reform helps
 Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers

Pranab ups revenue target by Rs 20 k cr on strong direct tax kitty
January, 06th 2011

Banking on healthy growth in direct taxes collections, finance minister Pranab Mukherjee raised the target for financial year by Rs 20,000 crore to Rs 4.5 lakh crore after a one and half hour long video conference with the chief commissioners of income tax.

Mr Mukherjee is counting on the tax bouyancy to meet additional expenditure on subsidy beucase of the rising commodity prices, helping him stay within the fiscal deficit target of 5.5 % of GDP.

Finance minister has raised the target as tax collections are buoyant, said a income tax department official.

Indirect taxes target is also likely to be revised in keeping with the over 45% growth in collections in the first April-November 2010 from a year ago.

In a break from the tradition, kicking off budget consultation in earnest, Mr Mukherjee held consultation with 48 chief commissioners and director generals of income tax from the room of chairman, Central Board of Direct Taxes . Mukherjee unveiled the vision 2020 for the department and asked officials focus their energies to raise collections, in the current year and also over a longer term. Direct tax collections have grown at 19% in the first nine months of the current fiscal, the required rate for the budget target of Rs 4.5 lakh crore.

Corporate tax collections grew 21.3% and personal income tax rose by 16.2% in April-December 2010 with the total direct tax collections crossing the psychological mark of Rs 3,00,000 crore.

Gross tax collections in April-November 2010 are up 27.4% from a year ago against budget target of 18%.

The higher tax collections will come handy as the governments subsidy bill is expected to cross the budget estimates following a spike in global commodity prices.

The fertiliser ministry has projected a revised demand of Rs 82,245 crore as against the budgeted Rs 52,837 crore, citing hardening international prices of key inputs and imported fertilisers.

The petroleum ministry could also seek extra funds to compensate oil companies for higher losses incurred in selling fuel at below cost as global crude prices have risen to over $90 a barrel.

The same is the case with food subsidy bill with the food ministry saying the it needs Rs 25,000 crore more than budgeted Rs 55,000 crore.

The finance ministry had budgeted Rs 3,108 crore towards petroleum subsidy, but provided another Rs 14,000 crore in the first supplementary demand.

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

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