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 »
 Direct tax collection exceeds target in FY18
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you

73 per cent of direct tax target collected till February
March, 03rd 2014

With over 73 per cent of its revenue target collected by February, the Income Tax department is hopeful of achieving a full kitty of direct tax collection of Rs 6.36 lakh crore by the end of this financial year on March 31.

The department, according to official data, has made a gross collection of Rs 5,44,891 crore which, after refunds, comes to a net collection of Rs 4,65,998 crore. The latter figure represents 73.23 per cent of the total budget target of Rs 6,36,318 crore.

"The department is very hopeful of achieving the budget target with the last instalment of advance taxes and contributions made by targeted non-filers coming in by March 31," a top I-T department official told PTI.

The department is especially pinning its hopes on potential non-filers as it had recently issued letters to 21.75 lakh such assessees across the country.

Through this non-filers detecting exercise, which was done in close coordination with the Central Board of Direct Taxes (CBDT), the I-T department collected over Rs 1,900 crore in taxes with more than five lakh returns having been filed under the category.

An estimated 1,50,000 self-assessment tax defaulters were thus detected during the 2013-14 financial year.

The department had initiated a business intelligence project called non-filer management system in February, 2013, to identify PAN holders who have not filed their returns and about whom specific information was available either in the Annual Information Return (AIR), Central Information Branch (CIB) data or TDS/TCS returns.

The department has already made it known that over four million high-spenders are under its scanner with plans afoot to check all potential evasion instances before the closing of the fiscal on March 31.

According to data published by it, the department has information on 4,072,829 persons who made cash deposits amounting to Rs 10 lakh or more in their saving bank accounts in the current fiscal amongst a host of other high-value spenders.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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