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: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: form 3cd :: TDS :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt
 
 
« Direct Tax »
 Best ways to save tax under section 80C
 Govt may exceed direct tax collection target of FY18 Budget estimates
 CBDT relaxes MAT provisions for companies under corporate insolvency
 CBDT relaxes norms for MAT on firms facing insolvency
  Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 CBDT to appeal for revival of certain deregistered companies
 How the new tax regime fared in India these last 6 months
 Income Tax Slab for AY 2017-18: Know your tax category
 Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.4% up to November, 2017
 LTCG tax on equity may return to haunt D-Street
 Karnataka third highest direct tax contributor

Year's central direct tax collections fall well short of even reduced target
April, 04th 2009

The Centres direct tax collections for the just ended fiscal year 2008-09 is likely to fall short of the target by about Rs 14,000 crore, as economic slowdown seems to have adversely impacted corporate taxpayers.

Lack of adequate staff, non-cooperation from banks and large refund claims against corporate taxes paid earlier are the other reasons cited. It is the shortfall in the target for Mumbai, where 40 per cent of all collections come, which seems to have been primarily responsible.

This overall shortfall, if not compensated by corresponding fall in spending, will increase the Centres fiscal deficit by 0.25 per cent of Gross Domestic Product (GDP). The interim budget presented in February had estimated it at 6 per cent for fiscal 2008-09.

As on the last day of FY 2008-09, tax officials said all-India direct tax collections stood at Rs 3,29,000 cr, as against the interim budget target target of Rs 3,45,000 cr. (The figure of collections may go up by another Rs 2,000 cr, through final adjustments). The target stated when the budget was presented in February 2008 was even higher, at Rs 3,65,000 cr.

Mumbai, which contributes around 40 per cent of total direct tax collections, had collected only Rs 1,15,000 cr as on March 31, 2009 as against the revised target of Rs 1,35,000 cr. The earlier target was Rs 1,50,000 cr. In other words, the target for the rest of India has been more than achieved.

Except for the public sector firms, other sectors like auto, construction and hospitality have fared badly, said sources.

Some of the reasons cited by officials for less collection are the lack of field strength of officers at the ground level. Even if the department conducted numerous searches, the staff strength was never enough to follow up, said an official.

The department has also gone to the extent of complaining against two major banks for non co-operation in tax collections. It has formally communicated to the Central Board of Direct Taxes against State Bank of India and Hongkong and Shanghai Banking Corporation ( HSBC) for alleged failure to cooperate in attaching fixed deposits of assesses.

Higher refunds against corporate taxes are another reason cited by officials for less collection.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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