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: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT RATES :: TDS :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
Direct Tax »
 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
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards
 Sushil Chandra to be the next CBDT chief

Direct tax collections up 12.53 per cent in April-December
January, 07th 2014

Nine months into the financial year, the government has managed to raise over 60 per cent of its direct tax target for the year, putting it on course to achieving the budgeted amount. The shortfall in tax collections, which has put the government's fisc under strain, is likely to come largely from the indirect taxes side, which is expected to be Rs 30,000 crore below budget.

The net direct tax collections, after refunds, were up 12.53 per cent to Rs 4.15 lakh crore in April-December 2013-14 over Rs 3.69 lakh crore in the same period. The government has budgeted Rs 6.7 lakh crore from direct taxes in the current financial year.

The government has so far managed to raise over 62 per cent of this amount and should manage the rest also given that direct tax inflows are usually highest in the last quarter.

Gross corporate taxes were up 9.35 per cent to Rs 3,10,126 crore hile personal income tax rose 18.53 per cent to Rs 1.68 lakh crore in April-December 2013-14. The Securities Transaction Tax ( STT) kitty is up 4 per cent to Rs 3,427 crore while wealth tax showed 11.92

per cent rise at Rs 742 crore. Total gross direct tax collection during April-December is up by 12.33 per cent to Rs 4.81 lakh crore.The overall tax collection target for the year is unlikely to be met though, given the slowdown in the indirect tax collections.

At the end of November, the gross tax revenue, before allocation to states, was Rs 5.32 lakh crore, less than half the budgeted Rs 12.36 lakh crore. The excise, Customs and service tax levy added up to Rs 2.82 lakh crore against the budgeted Rs 5.64 lakh crore, 50 per cent of the total.

Because of the poor tax collections, the fiscal deficit at the end of November was 94 per cent of the budgeted amount, creating a serious
challenge to the government's attempts to keep it at budgeted 4.8 per cent of GDP.

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

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