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: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company :: cpt :: empanelment :: list of goods taxed at 4%
 
 
« General »
 Data shows new tax regime widely adopted
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund

Mumbai beats revised income-tax collections target by rs 252 crore
April, 07th 2011

For the first time in the last three years, the Mumbai division of the income-tax department has collected Rs 252 crore excess tax over its revised target, due to higher tax collections backed by robust economic conditions.

The Mumbai department has so far collected Rs 153,243 crore, against the revised target of Rs 152,981 crore. The original target was Rs 150,000 crore, which was reviewed and revised last year on account of a general positive trend in the economy since the beginning of 2010-11.

Though the last date for paying advance tax is March 15, collection typically completes by the middle of April. I-T officials say Mumbai tax collection could likely cross Rs 154,000 crore in the coming days. If that happens, the Mumbai division will collect about Rs 4,000 crore in excess of the original target.

The picture was not very encouraging last year when Mumbai tax collection fell short by Rs 7,000 crore. About Rs 128,000 crore was collected, when the department was expected to collect Rs 134,000 crore.

The buoyancy in tax collection in Mumbai is largely in line with the increase in the all India tax collection which went up by 20% this fiscal year, according to the data collected till April 4.

Against the original all India projection of Rs 430,000 crore, the I-T department has so far collected Rs 4,41,500 crore. However, the all India collection fell short of the revised target of Rs 4,46,000 crore, by about Rs 4,500 crore. Yet the I-T department expects some more collection in the coming days which may fill up the gap between the actual collection and the revised projection.

A 20% increase in direct tax collection is the first time since the 2008 economic downturn, triggered by the collapse of financial services major Lehman Brothers. Direct tax collection had seen a drastic dip in 2008-09, despite a record 70% increase in tax collection in the first quarter.

As corporates started reporting lower margins, revenue authorities were left with no option than to revise the projection dowwards. The tax collection this time went up largely due to the buoyancy in the economy over the past year.

The rise in individual income and the corporate profit that went up by 25% are being cited the main reason for the significant rise in tax collection. Banks, insurance, steel, cement and engineering sectors reported substantial hike in their margins, sources in the I-T department said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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