Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: articles on VAT and GST in India :: VAT RATES :: cpt :: form 3cd :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

I-T collection in city drops by 47%
January, 09th 2012

In what seem to be signs of a downturn, income tax collection from the Nagpur region has not only been far below the target but also dropped as compared to that of previous year. Nagpur and Kanpur are two regions in the country which registered decline in direct tax collection on year-on-year basis. The overall growth in the country stands at 8%, which is again a fall as against a hike of 18% achieved in the year before.

The total tax collection in Nagpur which covers entire Vidarbha as on December 31 2011, stands at Rs1973 crore which is just 47% of the target set at Rs4134 crore. Out of this, corporation tax which is collected from limited companies has taken a major hit, as net collections stand at Rs1100 which is less than half of the target, pegged at Rs2455 crore, said a source in the department. This is mainly because of a below-than-expected collection from public sector undertakings (PSUs) - Western Coalfields Limited and Manganese Ore India Limited (MOIL), which contribute towards a chunk of the corporation tax raised from the region.

"It seems poor sales in the PSUs have trimmed their profit in turn bringing down the tax collections too," said an official involved in data compilation in the income tax department. However, the target has been missed on the personal tax front also, as only Rs877 crore could be collected as against the targeted Rs1679 crore, said the source.

The overall tax collection for the period is less by 1.13% as compared to the same period last year when the tally stood at Rs1998 crore. Kanpur, which is the other region that registered a negative growth, sees a decline of 14%. Tax mop up for the entire country has grown by 8%, at Rs2,96,882 crore.

Senior chartered accountant and chairman of Nagpur Nagarik Sahakari Bank, Rajesh Loya attributes the phenomenon to a decline in profitability in business across the board. "The mining sector too has seen a setback during the year. Even though the turnover remained same, inflation and high interest rates have taken a toll on the profits," Loya said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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