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: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: due date for vat payment :: empanelment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt :: list of goods taxed at 4% :: VAT RATES :: TDS :: VAT Audit
 
 
Direct Tax »
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers

PSUs help direct tax kitty to swell by 6%
April, 06th 2009

Direct tax collections in fiscal 2009 has outshone the last fiscal by around 6% mainly on back of high advance tax payments by state-run  companies,but the final figures may yet fall short of the government target.

Against a pared down target of Rs 3,45,000 crore, direct tax collection as on March 31, 2009, stood at 3,29,000 crore, which is about Rs 20,000 crore higher than that of last fiscal. Tax officials that SundayET spoke to said the figure may go up by Rs 3,000 crore once the final adjustments are made.

According to a SundayET analysis of top 50 corporate advance tax payers for FY 09, 21 companies including seven out of the top 10, turned out to be public sector undertakings (PSU). The advance tax collection, which does not include tax deducted at source, is Rs 131,800 cr in FY09, 40% of net direct tax collection.

PSUs have played a major role in improving the direct tax collection. The advance tax numbers till March 15 clearly show that, a finmin official told SundayET.

In fact, Rs 21,723 cr, or 6.6% of the net direct tax collection of the financial year 2008-9, came from advance tax collection from the top five corporate advance tax payers, Oil and Natural Gas Corporation (ONGC), State Bank of India (SBI), Steel Authority of India Ltd (SAIL), Life Insurance Corporation of India (LICI) and National Thermal Power Corporation (NTPC).

Only seven multinational companies (MNCs), Citibank, HSBC, Standard Chartered Bank, Deutsche Bank, JP Morgan Chase Bank and Siemens figure in the list of top 50 corporate advance tax payers during 2008-09. Nineteen banks figure in the list of top 50 corporate advance tax payers, out of which 11 are government banks.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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