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: empanelment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS :: list of goods taxed at 4%
 
 
Budget Extravaganza »
 How presenting the Budget early seems to be paying off already
 Budget advancement helps Centre, states start spending early
 Five things that you can expect from the Mumbai civic budget today
 GST all set for July 1 rollout but casts shadow on state budgets
 Income-Tax collection revised in Rajasthan budget
 No new taxes likely in Maharashtra Budget
 H.P. budget devoid of any financial prudence
 GST, demonetisation todecide budget priorities
 Railways to come up with mini-budget tomorrow
 Budget today, but GST kills the tax suspense
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes
 Six things Finance Minister did not tell you in Budget 2017
 Budget 2017 and its place in history
 Tax Dept need not reveal reason for raid even to Appellate Tribunal, proposes Budget 2017
 Budget 2017 proposes a fee for delayed filing of income tax return

Income-Tax collection revised in Rajasthan budget
March, 21st 2017

Expecting a major increase in salaries after implementing the 7th Pay Commission for state government employees this year, the state has upwardly revised its budget estimate from income tax (I-T) collection for 2017-18.

Income tax is part of the state's share from central taxes. From Rs 7,463 crore in 2016-17, the estimate has been raised to Rs 9,578 crore for the next financial year. Compared to 2015-16, this is a huge increase of Rs 3,505 crore and the same stood at Rs 2,115 crore over the previous year.

"There will be a significant rise in the income of government employees across the board. This will also increase the total taxable income which will enhance tax collection," said an official from the finance department.

According to officials, there will also be surge in the number of taxpayers as more employees from the lower rung will enter the tax bracket. Apart from this, the internal report based on the salary growth in private sector indicates a 10% increase in salaries in the next financial year.

Taking this into account, the corporate tax has been marginally increased by Rs 217 crore. As against Rs 10,739 crore in 2016-17, the state is expecting to receive Rs 10,956 crore as part of its share in central taxes from corporate tax. Officials said that most companies file their returns though nearly 52% of them operating in the state have shown losses or zero profits.

The state is also pinning its hope on the Union government's efforts to enhance the ambit of taxpayers from Rajasthan and other states.

"There will be higher tax compliance and a major rise in the number of assesses after demonetization. With penalties imposed on late filing of returns and the I-T department becoming more vigilant, more people are expected to pay their tax dues to the government, benefitting both the state and Central governments," said an official from the I-T department.

 
 
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