Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: TDS :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: VAT RATES :: ACCOUNTING STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: form 3cd
 
 
« Direct Tax »
 Government sets up a panel to draft new direct tax law
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961

Collection of direct tax misses target again
March, 20th 2010

The direct tax collection for 2009-10 fell short of target for the second time in a row due to lower payment by foreign banks and fewer mergers and acquisitions, adding to the strain on government finances.

The collection stood at Rs 330,000 crore, Rs 70,000 crore lower than the revised target, on Thursday, three days after the last date of the advance tax payment.

However, the Central Board of Direct Taxes, the apex body of the countrys tax administration, expects the collection to go up marginally during the rest of this month. CBDT chairman SSN Moorthy told ET: Tax payments keep coming till March 31. In some cases, banks take a few days to clear the payments.

The shortfall in direct tax revenue is expected to widen the fiscal deficit, which is projected at 5.7% of GDP for FY10. This could delay the governments fiscal consolidation effort.

A senior income-tax official said the tax payment by foreign banks declined by 60% although the tax outgo of domestic banks remained flat. Banks, domestic and foreign, contribute one-third of the total corporate tax collection.

Although payment might trickle in the rest of the month, it would not be sufficient to meet the shortfall, said an I-T official familiar with tax collection, who did not wish to be named. The shortfall this year may, however, be lower than the previous year, the official said.

The authorities have revised the original target of Rs 370,000 crore to Rs 400,000 crore this year on expectation that the economic recovery would attract more tax collection.

The tax regime has also worked overtime to plug leakage this year. Chief commissioners in all circles have asked companies to avoid delayed payment tactics, in which the firm owners partially pay tax by March 15 and pay the rest as self-assessment tax till next year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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