Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | 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
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: VAT Audit :: articles on VAT and GST in India :: empanelment :: cpt :: TDS :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased
 Tax evaders set to face action: CBDT chairman Sushil Chandra
 Income-tax department calls big corporate entities to pay advance taxes

Net direct tax collection up by 4.3%
April, 09th 2009

Though the manufacturing and automobile industry has witnessed job cuts and salary rollbacks on account of the market slowdown, the annual net direct tax collection of Pune region has witnessed a 4.3 per cent rise. However, personal income tax, fringe benefit tax and banking cash transaction tax have shown a decline, as compared to last year.

Addressing a news conference here on Wednesday, chief commissioner of Income Tax, Pune M Narasimhappa said that the national figures of net direct tax collection have shown a growth of 8.04 per cent.

As of March 31, 2009, national net direct tax collection is Rs 3,25,969 crore compared to last year's Rs 3,01,722 crore. Pune region, which has 22 districts in its jurisdiction, excluding Mumbai and Vidarbha region, has collected Rs 12,634.5 crore viz-a-viz Rs 12,114. 4 crore last year.

"The corporate tax and corporate tax deducted at source (TDS) collection is up by 11.56 per cent and by 22 per cent respectively. The corporate tax has increased to Rs 5,602.5 crore from last year's Rs 5,022.1 crore, and corporate TDS has increased from last year's Rs 1,666.2 crore to Rs 2,040.8 crore," he said.

There is a sharp fall in the fringe benefit tax (FBT) and banking cash transaction tax (BCTT) by 12 per cent and six per cent respectively. "Most of the companies from the manufacturing, automobile and IT sector have laid off employees and curtailed their fringe benefits, which resulted into lower tax collection. Compared to last year's Rs 286 crore FBT, the department collected Rs 252.8 crore this year," Narasimhappa said.

The department conducted 35 raids this year, 7 less than last year, but collected Rs 426.51 crore in lieu of undisclosed assets as against Rs 256.18 crore last year. "In both years, the realty sector has remained at the top in admitting undisclosed amounts to the I-T department. Of the total Rs 426.51 crore, the realtors share is Rs 280.42 crore, followed by the poultry sector, admitting to an amount of Rs 25.34 crore," he said.

Top tax-payers

In the corporate sector, the Bank of Maharashtra (BoM) is on top by paying the highest advance tax of Rs 218 crore this year, as against Rs 197 crore last year. This year, Cummins India Limited is second and has paid Rs 143 crore, followed by Thermax Ltd with Rs 127 crore.

In the non-corporate segment, Jawaharlal Nehru Port Trust (JNPT) is at the top (Rs 199 crore), followed by Cosmos Co-operative bank (Rs 36.5 crore), Narasimhappa said.

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

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