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: VAT RATES :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: list of goods taxed at 4% :: empanelment
 
 
Direct Tax »
 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
 CBDT signs three more advance pricing pacts

Govt eyes Rs 1.20 lakh crore mop-up in direct tax
February, 05th 2010

Early trends of the direct tax collections for the last quarter of this fiscal (January-March) indicate that the government is likely to mop up an all-time high of anything above Rs 1.20 lakh crore.

As compared to net direct tax collection of Rs 1,05,088 crore in the entire 2003-04 fiscal, this is no mean achievement, considering that the economy has just recovered from a downturn and the fact that till the September quarter of 2009, the growth in tax collection was less than 4%. The January-March 2010 collection, as anticipated, would post a growth of nearly 20%.

The Central Board of Direct Taxes (CBDT) has put added emphasis on more number of scrutiny in the current fiscal so that some loss on account of indirect taxes is offset through additional direct tax mop-up. A senior CBDT official, however, said the finance minister's revised target of Rs 4 lakh crore for this fiscal is still beyond reach.

Apart from the regular assessment, the mop-up through scrutiny is likely to be upwards of Rs 25,000 crore. Every year, the income tax department raises additional demands during scrutiny after reverification of returns. Last year, the government had collected around Rs 30,000 crore from a similar exercise.

The tax base has increased over the years resulting in a buoyant collection. Till the downturn hit India in 2008, the tax collection was growing at an average of 27%.

However, it slowed down to single digit in 2009. Still the larger tax base led to an increase in collection from Rs 1,05,088 crore in 2003-04 to Rs 3,38,212 crore in 2008-09 taking up the share of direct taxes collection in the GDP from 4% to 6%.

The government has taken a number of measures to further expand the tax base, including facilities of electronic payment of taxes. Last year, nearly one-sixth of the total tax returns were filed electronically, while nearly two-thirds of the gross taxes were paid electronically.

A centralised processing centre has become operational at Bangalore and is likely to further speed up processing of returns and issue of refunds to taxpayers. The Refund Banker Scheme at present functional in six cities ensures that taxpayers get their refunds quickly and directly into their bank accounts.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software 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