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: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements
 Central Board of Direct Taxes allowed Rs 4,500 crore of irregular benefits to infrastructure companies: CAG

Govt has to pull up socks to meet FY15 direct tax target
March, 26th 2015

The income tax department will have to collect close to Rs 2 lakh crore from direct taxes to meet the target for this financial year. This would mean a rise of 21 per cent over Rs 1.63 lakh crore collected in March last year. The tax department has mopped up Rs 5.06 lakh crore in the first 11 months of 2015-16, up 6.8 per cent over Rs 4.74 lakh crore in the year-ago period, according to data provided by the finance ministry on Thursday.

The government has projected collections from direct tax to go up 10.53 per cent to Rs 7.04 lakh crore in 2014-15 against Rs 6.37 lakh crore a year before in the revised estimates (RE).

Much of the direct tax collections come in March because personal income tax payers usually pay their liabilities in this month and corporates pay advance tax by March 15. The department had collected 25.6 per cent of direct tax for 2013-14 in March. This year, it will have to collect 28 per cent, or Rs 1.97 lakh crore.

This is despite the fact that the government slashed estimates of direct tax collections by Rs 30,593 crore in RE of 2014-15, constituting 4.1 per cent of Budget estimates at Rs 7.35 lakh crore. Direct tax collections are important to help the government meet its commitment of reining in the Centre's fiscal deficit at 4.1 per cent of India's gross domestic product (GDP). The deficit had already crossed the target in absolute terms (RE) by 10 per cent. Direct tax collections, estimated in RE, constitute over 56 per cent of total tax collections of the Centre in 2014-15.

If refunds are included, gross direct tax collections were up 10.67 per cent at Rs 6,12,432 crore during April-February 2014-15 against Rs 5,53,373 crore during the same period in the previous year. Gross direct tax collection of corporate tax increased 9.99 per cent to Rs 3,79,917 crore from Rs 3,45,396 crore.

Gross collection of personal income tax was up 11.1 per cent at Rs 2,25,313 crore against Rs 2,02,806 crore collected during the year-ago period.

Securities transaction tax stood at Rs 6,280 crore, up 45.44 per cent. Advance tax collections grew 13.41 per cent during the April-February of 2014-15 period against a rise of 8.67 per cent in the year-ago period.

Tax deducted at source rose 7.49 per cent against 16.69 per cent in the same period in the previous year. Self-assessment tax increased 22.5 per cent against 9.91 per cent. Regular direct tax collections were up 9.09 per cent against 29.97 per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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