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: articles on VAT and GST in India :: cpt :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: form 3cd :: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 GST: Renaming Central Board of Excise and Customs to CBIC may take a while
 CBDT notifies new scrutiny notices with e-facility for taxpayers
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules

Direct tax mop-up to fall short of revised target
March, 18th 2010

Collections at the end of February stood at Rs 2,78,373 crore.

The government would fall short of its target for direct tax collections for the second consecutive year, with the revenue department estimating its direct tax receipts at Rs 3,70,000 crore for 2009-10.

While the estimated figure will meet the original Budget estimate, it would miss the revised target of Rs 3,87,000 crore announced on February 26. Direct tax collections at the end of February stood at Rs 2,78,373 crore. This required the Central Board of Direct Taxes (CBDT) to collect Rs 1,08,627 crore in the last month of the year to meet its revised target.

As on March 13, the direct tax revenue stood at Rs 3,07,000 crore. In the last two years, we have collected over Rs 80,000 crore in the month of March. This could go up by 10 per cent this year to Rs 88,000 crore. So we can reach around Rs 3,70,000 crore, a CBDT official told Business Standard.

In 2008-09, the government had collected Rs 2,58,000 crore in direct taxes till February. It added Rs 80,000 crore in March to take the total to Rs 3,38,000 crore. Similarly in 2007-08, it collected Rs 2,32,000 crore till February and added Rs 80,000 crore in the last month to close the year at Rs 3,12,000 crore.

Out of the Rs 29,000 crore collection in taxes so far in March 2010, about Rs 14,000 crore would count towards TDS (tax deducted at source) deposited in February but deducted in the first week of March. The remaining Rs 15,000 crore is the advance tax collected till March 13.

TDS receipts for March, to be collected in April, are estimated at Rs 18,000 crore, while the advance tax for the rest of the month is likely to be around Rs 45,000 crore, taking the total to Rs 3,70,000 crore.

Tax collections typically happen by March 15. Some tax is now being collected in the form of arrears. I think the government will be pretty close to the target, said Ajay Kumar, executive director, PwC.

Last year also the government had missed its target of Rs 3,45,000 crore due to the economic slowdown, but this year it was betting on direct tax collections to make up for any shortfall in indirect tax receipts. As the economy started showing signs of recovery this year, Finance Minister Pranab Mukherjee increased the target to Rs 4,00,000 crore, which was later brought down in the Budget.

The official said the government was expecting a good show on the advance tax front in the last quarter, but as the finance minister has pointed out the recovery is not broad based.

During the month of February 2010, direct tax collections grew 27.54 per cent to Rs 14,675 crore. In January 2010, however, tax collections had fallen by 19.84 per cent. In a bid to meet its revenue collection targets, CBDT had recently decided to monitor advance tax payments of top companies and persuade them not to defer such payment as self-assessment tax for the next financial year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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