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Soaring India Inc earnings sees direct tax collections jump 41%
February, 03rd 2007

The securities transaction tax and banking cash transaction tax saw the highest growth

Continuing with its record collections for this fiscal, the Central Board of Direct Taxes (CBDT) has mopped up Rs 1,56,429 crore till January-endan increase of 41.2% over Rs 1,10,780 crore collected during the same period last year.

The securities transaction tax (STT) and banking cash transaction tax (BCTT) saw the highest growth during the period to stand at Rs 3,812 crore and Rs 404 crore, growing 90.2% and 72%, respectively.

The rise in STT collections has been attributed to high corporate earnings and greater awareness amongst people about the stock market. The Sensex has also crossed the 14,000-mark.

Corporate taxes grew 48.6% at Rs 97,787 crore while personal income tax (including FBT) increased 27.5% at Rs.54,185 crore. Personal income taxes collection have improved further during January 2007, indicating higher tax deductions at source (TDS).

Corporate tax collections have also increased mostly on account of the December installment of advance tax.

COMMENDABLE INCREASE
The rise in STT collections has been attributed to high corporate earnings and greater awareness amongst people about the stock market
Corporate taxes grew 48.6% at Rs 97,787 crore while personal income tax (including FBT) increased 27.5% at Rs.54,185 crore
Direct tax collections overshot the targeted growth of 27.5% of the Budget estimates
 
Direct tax collections have shown a rise over the last ten months and overshot the targeted growth of 27.5% of the Budget estimates for the fiscal. The government had set a target of Rs 2,10,000 crore for the fiscal.

But, with the increase in tax collections, the finance ministry has raised the internal direct tax collection targets 12% to Rs 2,30,000 crore.

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