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: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: form 3cd :: cpt :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Direct Tax »
 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
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

Direct taxes may miss revised target on poor Feb increase
March, 06th 2009

Slowing economic activity has cast its shadow on governments direct tax collections, which rose a paltry 0.89% last month to Rs 14,264 crore, making the revised lower target for the fiscal year appear difficult to achieve.

Any shortfall in direct tax collections could further worsen the fiscal deficit, now pegged at 6% of gross domestic product for the financial year, and force the government to borrow more from the market to bridge the shortfall. The government has already been forced to revise the fiscal deficit target upwards from its initial projection of 2.5%.

Data released by the Central Board of Direct Taxes on Thursday revealed direct tax collections rose nearly 11.3 % in the 11 months to end-February, making the February number seem particularly weak and casting doubts on the government ability to meet its annual target. Net direct tax collections rose to Rs 2,58,902 crore during the period, which is 76.37% of the revised target of Rs 3,45,000 crore.

The government had budgeted direct tax collections of Rs 3,65,000 crore at the start of the year, but revised the target last month. Tax collections started slowing from October, mirroring the slowdown in the overall economy.
The probability of a reversal in this trend in month in March is minimal. Even after considering the fact that tax inflows in last months of the fiscal are high, it will be difficult to meet the collection targets, said Saumitra Chaudhury, economist with ratings company Icra and a member of Prime Ministers economic advisory council.

However, a CBDT official said the board was confident of achieving the revised target. The tax departments optimism stems from the fact that the last and final installment of advance tax payments is due in March. Advance tax is paid in four installmentsJune, September, December and Marchand is based on taxpayers projected income. The Income-Tax department is also keeping a close watch on potential evaders as part of its determination to meet the revised target.

Corporate tax collections stood at Rs1,62,617 crore in April-February, up nearly 17%, while personal income tax collections, which include fringe benefit tax, securities transaction tax and banking cash transaction tax, grew 3.03% to Rs 95,930 crore during the same period.

Fringe benefit tax collections rose 20% and banking cash transaction tax rose 14.46% while collections of securities transaction tax fell 35.54%.

 
 
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