Latest Expert Exchange Queries

Make 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) | 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 :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4% :: cpt
 
 
« General »
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months

New panel to design I-T revenue forecasting
March, 29th 2011

With direct taxes contributing more than 60 per cent to the governments tax kitty, the finance ministry is setting up an expert panel to design a revenue forecasting model which will be aligned with the overall planning exercise.

A senior finance ministry official told Business Standard that Chief Economic Advisor Kaushik Basu would be heading the panel, which will suggest ways for creation of database, time-frame for revenue forecasting and also the scientific model to be adopted by the Central Board of Direct Taxes (CBDT) for this purpose.

The expert committee will have representation from various critical segments. Principal advisor to the Planning Commission, Pronab Sen, and N R Bhanumurthy from the National Institute of Public Finance and Policy will be part of this expert committee on revenue forecasting (ECRF).

ECRF will submit its report by June 30. The officials from the Income Tax Department in the committee would include a joint secretary in tax planning, Ashutosh Dikshit; director in the international tax division, Sanjay Kumar; director in organisation and management services division, Nilimesh Baruah; and director in the investigation department, D K Gupta.
 
M C Joshi, member (legislation and computerisation) of CBDT, would coordinate the whole exercise. Direct taxes, now the major source of tax revenues to the central government, have grown at an average annual rate of 24 per cent in the last five years and have nearly trebled from Rs 1,32,771 crore in 2004-05 to about Rs 3,78,000 crore in 2009-10.

The contribution of direct taxes to the central tax revenues has grown from 43.79 per cent to 60.5 per cent during the same period. The ratio of direct taxes has increased from 4.1 per cent of gross domestic product (GDP) in 2004-05 to 6.1 per cent in 2009-10.

The Thirteenth Finance Commission (2010-15) has projected direct tax revenue collection at Rs 8,29,668 crore by 2014-15 and the direct tax-to-GDP ratio at 7.62 per cent.

The finance ministry official said the idea was to capture economic conditions in the revenue forecasting process and align it with the governments planning. He added that the department in its vision document had outlined this measure and constitution of the committee was being done to implement it. The Income Tax Department (ITD), in its Vision Document 2020 and Strategic Plan 2011-2015 document, said the first step for optimisation of revenue mobilisation was to ascertain the true tax base of the country.

ITD intends to develop a revenue forecasting model by identifying the tax base and the variables influencing direct tax revenue from the perspective of tax administration, says the Vision Document.

The Vision document pointed out that the existing revenue forecasting models used were conceptualised from a slightly different perspective without explicitly focusing on administrative aspect of tax policy. It further stressed that a customised model for ITD might identify and use variables affecting the compliance level explicitly, in addition to the GDP used as a proxy for the tax base.

As the action point to address this issue, the department decided to constitute the expert group for developing a revenue forecasting model with departmental officers and outside experts including economists, statisticians and other government agencies before the end of the financial year 2010-11.

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

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