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: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: form 3cd :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: cpt :: list of goods taxed at 4% :: TDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
« Direct Tax »
 Salaried taxpayers to get SMS alerts for TDS deductions
 Salaried tax payers to get SMS alerts on TDS deductions
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT

Corporates got tax sops worth Rs 88,263 cr: CAG
April, 25th 2012

Tax exemptions cost the Government Rs 1,38,921 crore in revenues in 2010-11, says a CAG report on direct taxes. Of this, the lion's share went to the corporate sector.

In the last five years, the amount of revenue foregone has increased 111.8 per cent, the Comptroller and Auditor General's (CAG) said in its report tabled in the Lok Sabha on Tuesday.

The Government auditor said that corporate sector accounted for 63.5 per cent (Rs 88,263 crore) of the revenue forgone of 2010-11. The revenue foregone on account of tax exemptions in respect of corporate tax payers increased by 76.3 per cent as compared to 226.6 per cent in respect of non-corporate tax payers during 2006-07 to 2010-11, it said. In 2006-07, the Government provided tax sops worth Rs 65,587 crore.


The CAG report said there were 7.2 lakh working companies in the country, according to the data with the Registrar of Companies, but there were only 3.8 lakh corporate assesses, according to the Income-Tax Department. The board (Central Board of Direct Taxes) needs to reconcile the discrepancy for accurate assessment of the filing gap, the report suggested.

The auditor pointed out that the widening of tax base in the country was very limited. It observed in the report that the assessee base grew over the last five years from 313 lakh taxpayers in 2006-07 to 335.8 lakh tax payers in 2010-11. The total direct tax collection has increased by 94.2 per cent during the same period. The increase in tax collection was around 13 times as compared to the increase in taxpayers' base. This indicates a very limited widening of tax base over the years, the report said.

The CAG also said that voluntary compliance by assessees at the pre-assessment stage accounted for 81.4 per cent of the gross collections in 2010-11. Maharashtra, Karnataka and Delhi contributed 61.6 per cent of the total direct tax collected.


In another report on Union Government Finances and Accounts, the CAG said a the Central Board of Direct Taxes incurred a total expenditure of Rs 37,365 crore on interest payments over the last five years without obtaining approval of Parliament through necessary appropriations.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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