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: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: form 3cd :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal
 Tax recovery from Swedish majors in payment dispute put on hold

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 2017 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