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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: due date for vat payment :: VAT Audit :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Direct Tax »
 Senior IRS officer Rajendra Kumar appointed new CBDT member
 Income tax raids continue on premises of three Chennai businessmen
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016

Finance Ministry alarmed at low income tax collections; asks taxman to act quick
February, 06th 2016

Alarm bells have rung in the Finance Ministry after net direct tax collections are showing a 35 per cent shortfall with only two months left for closing of the financial year.

Concerned over this, the CBDT, has written to the Income Tax department to pull up its socks and step up the drive for collection of revenue.

In an urgent missive to the top brass of the department in the country, the Board has asked them to give their "highest priority" to get as much as they can on the regular tax front as it is showing a negative growth rate of '-10.44 per cent' as compared to the corresponding growth of 17.25 per cent last year.

While the target for direct taxes collection this fiscal is Rs 7.98 lakh crore, the department has made a net collection of about Rs 5.21 lakh crore by January 31, thereby falling short, at present, by over 35 per cent to reach the target.

In his first general communication to the department, newly appointed Central Board of Direct Taxes Chairman Atulesh Jindal asked the department to tighten their belts after a Revenue Secretary Hasmukh Adhia raised a similar concern in a meeting recently.

"The gross collection grew only by 8.13 per cent. Chairman CBDT needs to ask all Commissioners to achieve their target," Jindal wrote to his Principal Chief Commissioners quoting Adhia.

"In the area of net direct tax collections, the present growth rate is not encouraging if compared with the preceding financial year. The net collections as on January 31, 2016 stand at Rs 5,21,853 crore indicating achievement of 65.40 per cent of budget estimates with a growth rate of 10.87 per cent.

"Looking at the overall minor head-wise growth rate, it is seen that except TDS all other minor heads are having a growth rate which is less than the growth rate of immediately preceding year at this time of the year," he said.

The main cause of concern in this regard, the CBDT boss said, is the "decline in the regular tax collection which is showing a negative growth rate of (-) 10.44 per cent as compared to the corresponding growth of 17.25 per cent last year.

Jindal said while the "scope" of increasing collections under heads like advance tax and self-assessment tax is rather limited, there is "no justification" for a negative growth rate in respect of regular tax.

"I am sure that a large portion of the current demand raised during the current fiscal would have fallen due by now and ready for collection.

"Therefore, our utmost focus for the next two months should be on collection of the collectible demand, both out of current and arrear demand," he said in the communication.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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