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: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt
 
 
Direct Tax »
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?
 Investors cheer retailers facing lower tax rates

I-T pins hopes on delays to meet direct tax FY09 target
April, 08th 2009

The income-tax department in Mumbai still thinks it can meet the revised FY09 target for direct tax collection. The department has already collected collected Rs 1,31,000 crore, which is lower than the revised target of Rs 1,33,000 crore and since delayed payments are trickling in even now, the department is of the view that it would be able to generate the required Rs 2,000 crore in the coming days.

The target for Mumbai had to be revised to Rs 1,33,000 crore, from the original projection of Rs 1,50,000 crore, due to the economic slowdown. Though March 15 is the last date for paying the fourth and final installments of advance tax payments, payments usually continue till March 31 and most often spill over to the middle of April. This is largely due to technical problems like delays in clearing cheques and uploading figures in the departments computer systems.

At one stage, it was expected that tax collections wouldnt meet even the revised target as margins declared by companies werent encouraging. After chief commissioners of all zones took steps to check possible tax leakages and also put pressure on tax defaulters, including TDS defaulters, the situation improved. Anti-evasion measures such as surveys and raids also boosted the tax collections, said persons familiar with the developments.

The Rs 40,000-crore collected from Mumbai by way of tax deducted at source was a major factor that helped the department come close to the revised target. Several companies had not paid TDS despite deducting the amount from their employees as well as from customers. A series of surveys conducted by the TDS wing of the department, led to a correction in the amount.

Tax paid by multinational companies operating in India over 3,000 MNCs are present in India also saw an increase over the previous years collection. The departments wing for international tax had collected Rs 12,000 crore in the just concluded fiscal year, which is 15% more than the previous years collection.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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