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: due date for vat payment :: VAT RATES :: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARDS :: VAT Audit
Direct Tax »
 CBDT unveils norms for computing FMV of trust assets
 CBDT starts issuing second round of Certificates of Appreciation to tax payers
 Income Tax Department Launches SMS Alert Service on TDS Deductions
 Salaried taxpayers to get SMS alerts for TDS deductions
 Salaried tax payers to get SMS alerts on TDS deductions
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers

Slow growth in tax mop up disappoints CBDT chief
January, 24th 2012

Though loss due to the apex court verdict in Vodafone case may not be a factor, income tax department is still wary about the overall collection for the year. Chairman of Central Board of Direct Taxes (CBDT) MC Joshi expressed disappointment over the year on year growth in tax collections, which is only increased by 8% compared to 18% last year.

Joshi, who was addressing newspersons on the sidelines of inaugural function of a hostel building at National Academy of Direct Taxes (NADT), said a minimum 18% growth was desirable. The collections at 3,74,000 crore are 63% of the total budgeted amount. Much is expected from the last three months of the fiscal when bulk of the collection comes. The collections as against the budgeted amount, compared to the previous year, are lagging by 7%, added a senior official from the department. It cannot be predicted whether the collections will match the budgeted figure, he said.

Joshi, who said that the Vodafone decision will not have many major impact, blamed economic slowdown for lower collections. He said this may even disturb fiscal deficit management. The financial sector has taken the biggest hit, he added. On Vodafone verdict, he said that a team of experts would be studying the order and it was too early to say whether the verdict would have an impact on other demands of similar nature.

Joshi, however, also pitched for a higher share for income tax department from what it collects. "Currently the cost of collections stands at not more than 0.6% of the total mop up. In the developed countries, the costs of collection was up to 2%. It has been mooted to increase the quantum in India too. The money can be used for creating facilities both for tax collectors and payers, he said. Even a 1% rise in the cost of collection will be substantial," he said.

A proposal to have more posts in the apex grade for the Indian Revenue Service (IRS) officers has also been mooted. This is equivalent to a special secretary having a pay scale of 80,000.

"This is needed to bring IRS at par with other services like IAS and IPS. Even Indian Forest Service has 45 posts of this level," Joshi said. At present, the department only has higher administrative grade (HAG) level of officers at the top with pay scale of 67,000 to 70,000. A HAG+ in 75,000 scale has been demanded. The proposal will be forwarded to the cabinet by the department of personnel and training (DoPT), he added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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