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: cpt :: form 3cd :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: TDS :: VAT RATES
 
 
« News Headlines »
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley

Record direct tax collection expected by fiscal-end
February, 16th 2007

Income Tax department revises target by Rs 30,000 crore
 
With the overall buoyancy in the economy, the Income Tax department is expected to surpass its annual direct tax collection target by over Rs 25,000 crore. The booming economy has led to higher incomes for individuals as well as companies. With the robust tax collections during the current fiscal, the Centre has revised the target for direct tax collection by around Rs 25,000-30,000 crore, said a senior tax official.

The revised target would be over Rs 2.10 lakh earlier budgeted for by the finance minister. Overall, the department was expecting to cross the annual tax collection target by at least Rs 20,000 crore.
 
This apart, an additional revenue of Rs 2,000 crore by way of high dividends from public sector companies, banks and insurance companies, would add to the government exchequer.

Interestingly, Mumbai is also not exception to a record tax collection. As per the revised estimates, the new tax collection in Mumbai has also increased by Rs 10,000 crore. The official noted that the Mumbai unit has recorded gross collections of Rs 58,964 crore till January 15 and may collect atleast Rs 75,000 crore as against the earlier budgeted target of Rs 69,584 crore.

The official informed that a few years ago, Mumbais tax collections targets were reduced due to drop in the revenue from the oil sector.

The all-India net direct tax collection as on January 31, grew about 41% at Rs 1,56,429 crore, surpassing the targeted growth of 27.5% as per budget estimates. In Mumbai, the net direct tax collections so far is Rs 48,312 crore including corporate tax of Rs 31,143 crore, income tax Rs 12,723 crore, securities transaction tax (STT) Rs 3,289 crore, Fringe Benefit Tax (FBT) Rs 967 crore and Banking Cash Transaction Tax (BCTT) Rs 190 crore.

Moreover, the incidence of surveys carried out by the investigation wing of the department would add to the exchequer. The surveys are set to put additional pressure on taxpayers to deposit the amount of tax deducted at source (TDS) with the department. TDS collections are usually added to the exchequer during the last three months of the fiscal.

Another official said that till January 31, the Mumbai investigation wing has unearthed Rs 575 crore of undisclosed income from 55 entities including builders, diamond merchants, gold traders, stock investors, pharma and steel companies.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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