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
Latest Expert Exchange
« Direct Tax »
  CBDT notifies new communication scheme
 CBDT proposes changes to three IT forms, seeks public suggestions
 CBDT proposes amendments to three IT forms, invites public suggestions
 Income tax returns filing: This is what taxpayers must mention
 CBDT dedicates fortnight for pending appeal effect
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 Special provisions of the Income Tax law: Are all incomes created equal?
 Top 5 reasons why you could be paying more tax
 Income Tax Alert! Top 5 reasons why you could be paying more tax
 7 Documents You Need To File Your Income Tax Return

Direct tax kitty swells 7.5% till Feb
March, 05th 2010

Direct tax collections in the first 11 months (April-February) of the current financial year rose 7.52 per cent to Rs 2,78,373 crore, compared with Rs 2,58,902 crore in the corresponding period of 2008-09.

The revenue department will have to collect Rs 91,627 crore in March to meet its revised Budget target of Rs 3.87 lakh crore for 2009-10.

Corporate tax collections grew by 10.89 per cent to Rs 1,80,318 crore, against Rs 1,62,617 crore in the same period of the previous financial year. Receipts from personal income tax including Securities Transaction Tax (STT), residual Fringe Benefit Tax (FBT) and Banking Cash Transaction Tax (BCTT) grew 1.84 per cent to Rs 97,692 crore, against Rs 95,930 crore in the year-ago period.

Direct tax collections in February grew 27.54 per cent to Rs 14,675 crore, compared with Rs 11,506 crore in the same month last year. In January, however, the tax collections had fallen 19.84 per cent.

While corporate tax receipts grew 16.87 per cent in February, personal income tax collections increased 37.58 per cent.

The final instalment of advance tax for both corporate and non-corporate taxpayers is due by March 15. Corporate taxpayers are required to pay 25 per cent and non-corporate taxpayers 40 per cent of their advance taxes in March, the finance ministry said in a statement today.

Between April 2009 and this February, STT collections increased by 17.65 per cent to Rs 5,975 crore, against Rs 5,079 crore in the same period last year. Wealth tax revenue grew by 31.72 per cent to Rs 431 crore, against Rs 327 crore in the corresponding period in 2008-09.

Meanwhile, the government may further widen the tax slabs when it implements the direct taxes code in 2011-12. In the Budget 2010-11, it has already altered the slabs.

A further widening (of tax slabs) is possible. But this will happen when the revised (draft direct taxes code) paper comes, Revenue Secretary Sunil Mitra told reporters on the sidelines of a seminar organised by industry body CII.

The finance ministry will come out with a revised draft in the first quarter of 2010-11 so that a bill to this effect can be tabled in the Monsoon session of Parliament.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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