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
Direct Tax »
 Nature of income can determine rate of TDS charged
 Section 194A – TDS on interest other than interest on securities
 File Income Tax return before last date and avoid these consequences ITR filing
 Claiming tax refund in your ITR? Don't forget to pre-validate your bank account
 Section 193 – TDS on Interest on Securities
 If you miss to file return by due date, you will be penalised, even get jailed
 Don’t blindly rely on pre-filled ITR Form; correct discrepancies, if any before submission
  Notification No. 52/2019 Central Board Of Direct Taxes
 I-T Department cautions employees on Form 16
 Notification No. 52/2019 Central Board Of Direct Taxes
 Notification No. 52/2019 Central Board Of Direct Taxes

Direct tax collection up 8% in April-December
January, 05th 2013

The revenue collection continues to grow at snail's pace with the April-December 2012 direct tax mop up showing a meagre growth of 8%.

Any hope the government could derive was from the personal income tax, contribution from individuals, which showed a rise of 15% growth during this period. The government needs at least 15% growth in gross direct tax collection to meet its budget target of Rs 5.70 lakh crore for the current fiscal.

The net direct tax collection may not give an accurate picture of the revenue mop up as the refunds of amounts bigger than Rs 5 lakh have been withheld, and in any case will have to be cleared by the end of the fiscal year.

The net direct tax collection in the last nine months was up by 14% and stood at Rs 3,68,322 crore, as compared to Rs 3,23,956 crore in the same period of the last fiscal.

The gross direct tax collection during April-December of 2012-13 was up by 8% and stood at Rs 4,28,278 crore as against Rs 3,96,530 crore in the same period last year. Major contributor corporate taxes continued to be laggard with gross collection showing an increase of 5% and stood at Rs 2,83,170 crore in April-December as against Rs 2,69,850 crore during the same period last year. The gross collections of personal I-T was up at Rs 1,44,376 crore as against Rs 1,26,012 crore of last year same period.

Growth in net collection of Wealth Tax was 1.6% and stood at Rs 656 crore as against Rs 646 crore during the same period last year. To mitigate compliance burden on businesses held by individuals, firms or corporates who are using the financial services offered by banks, the Central Board of Direct Taxes (CBDT) has issued a notification granting exemption from tax deduction at source (TDS) on the payments of certain categories.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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