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 »
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers
 CBDT releases ITR Form-4 for presumptive income from business and profession
 Know how you can save tax through various deductions under Section 80 Income Tax
 CBDT issues notification, seeks suggestions to bring more transparency in cross-national transactions
 CBDT seeks suggestions to bring transparency in cross-national transactions
 What to expect from new direct tax law

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 2018 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