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: ACCOUNTING STANDARD :: VAT RATES :: empanelment :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4%
 
 
ę News Headlines »
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit
 How NRIs can avoid tax troubles

Tax collections 70% of target
March, 06th 2010

The Central Board of Direct Taxes (CBDT) appears to be racing against time.

With just 26 days remaining in this financial year, it must collect as much as 30% of its targeted revenue by way of direct taxes on both individuals and corporates.

CBDT chairman SSN Moorthy told reporters on the sidelines of CIIs Budget Impact Analysis on Friday that tax collection so far has been Rs 2.8 lakh crore, against a target of Rs 4 lakh crore.
Thats 70% of the target.

CBDT had revised the target for the year upwards from Rs 3.7 lakh crore set earlier, based on a revival in the economy. The collection target for Mumbai was set at Rs 1.42 lakh crore, around 42% higher. We are trying our best to achieve the target. We are making serious efforts, said Moorthy.

But not everyone believes it will.

Typically, it is the corporates, which bear the brunt of such ambitious revenue targets. Indeed, some firms have complained that they are slapped with huge taxes towards the end of the financial year to help achieve revenue targets and later asked to claim refunds.

A senior official of Oriental Insurance Company had told DNA Money a couple of years ago that it was asked to pay Rs 350 crore as capital gains tax, even though it was not liable. We were told that the tax has to be paid to meet the revenue targets and a refund can be claimed later, the official had said.

The message here is that as such, the stated tax collections are inflated and not the real money in the kitty.

Its a cycle wherein the income tax department asks various firms each year to shell out taxes and then collect refunds, say chartered accountants.

The recorded tax revenues are not the actual revenues as a part of it goes away as refund, a tax consultant said, requesting not to be named.

But the CBDT chief denied this was the case. We dont enter into such ad-hocism. When they file returns, they may be due to collect certain refunds. But we dont force anyone to do that unnecessarily.

When the revenue targets fall short, what is found in practice is that the level of aggression and anxiety at the ground level increases.

So, existing taxpayers are further burdened with aggressive tax assessments. Therefore the ideal policy outcome would be to broaden the tax rates, so that we can have moderate tax rates and moderate tax assessment, Sudhir Kapadia, tax partner, Ernst & Young said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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