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
Budget Extravaganza »
 How Union Budget 2018 impacts individual taxpayers
  How Budget 2018 will be different due to GST
 This is how Budget 2018 announcements may help you save tax
 Here's why the government advanced the Budget date
 Will Budget 2018 Reduce Your Income Tax? 10 Expectations
 How Budget 2018 will be different due to GST
 Will Budget 2018 cut tax on switch from dividend to growth option in mutual funds?
 Startup eco-system looks forward to the budget for addressing tax dilemma
 High time to prioritise non-tax revenue in the Budget
 Govt may abolish dividend distribution tax in budget
 Budget making in the GST era: paradigm shift

Direct tax mop-up well above budget estimate, says FM
April, 03rd 2010

The government today said direct tax collection has surpassed the budget estimate of Rs 3.70 lakh crore for the 2010 fiscal.

"It (direct tax collection) is well above the budget estimate," finance minister Pranab Mukherjee said here on the sidelines of a function to commemorate the 20th foundation day of the small and medium sector lender Sidbi.

Direct tax realisation, however, is likely to fall short of the enhanced target of Rs 3.87 lakh crore, mentioned in the revised estimate for 2009-10. Direct taxes include, corporate tax, personal income tax and wealth tax.

During the 11-month period of the 2010 fiscal, direct tax collection was Rs 2.78 lakh crore, nearly Rs 1 lakh crore short of the budget estimate.

In February, direct tax collection grew by a robust 27.54 per cent on a year-to-year basis. Tax collection stood at Rs 14,675 crore against Rs 11,506 crore in February 2009. This was against a negative growth of 19.84 per cent in January.

Corporate tax collection grew by 10.89 per cent to Rs 1.80 lakh crore in the April-February period compared to Rs 1.62 lakh crore in the 11-month period the previous fiscal, while personal income tax grew at 1.84 per cent to Rs 97,692 crore during the period.

In February, corporate tax collection grew by a healthy 16.87 per cent, while personal income tax mop up jumped by a robust 37.58 per cent.

With more and more people investing in the stock markets, the securities transaction tax (STT) fetched Rs a handsome 5,975 crore during the first 11 months of the just-concluded fiscal, which is a smart 17.65 per cent over the year-ago period.

The government, in the current fiscal (2010-11) expects to mop up Rs 4.30 lakh crore from direct taxes, higher by over 10 per cent from what it is likely to collect the 2010 fiscal. This is despite the widening of income tax slabs and reduction in surcharge on corporate taxes to 7.5 per cent from 10 per cent. The minimum alternate tax (MAT) will, however, has been increased from 15 to 18 per cent on book profit of companies which do not fall under the tax net due to various exemptions.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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