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: Central Excise rule to resale the machines to a new company :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TDS :: list of goods taxed at 4% :: form 3cd :: empanelment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARD :: VAT RATES
 
 
Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

Direct tax collection might miss revised target
April, 01st 2015

The government’s direct tax mop-up is set to miss the revised target for 2014-15, as the collection so far has been only Rs 6,30,000 crore, an income tax (I-T) department official said.

Keeping in view the sluggish rise in collection, the government had revised its target downwards to Rs 7,05,000 crore for the current financial year, after initially having budgeted Rs 7,36,000 crore in the direct tax mop-up.

The department may not be able to achieve even the revised target, the official said, adding, as on March 24, the department had collected only Rs 6,30,000 crore from across the country, up from Rs 5,83,000 crore during the corresponding period of the previous financial year.

Mumbai continued to be the largest centre for income tax collection and mopped up Rs 1,99,426 crore so far, which is higher by 10.9 per cent when compared to the mark of Rs 1,79,763 crore during the corresponding period last fiscal.

The I-T Department has a target to mop up Rs 2.30 trillion from Mumbai this fiscal out of the direct tax collection target of Rs 7.04 trillion for FY15.

The Delhi circle collected Rs 96,722 crore as against Rs 86,619 crore during the corresponding period last fiscal, registering a growth of 11.7 per cent, the official said.

The official blamed the likelihood of lower than projected target of direct tax collection to certain sectors like manufacturing which have not been able to do well in the sluggish country's economic growth.

The sluggish collections come even as many large corporate paid higher advance tax this fiscal, and especially in the fourth quarter.

While the nation's largest lender State Bank of India has reportedly paid 23 percent more in advance tax at about Rs 1,794 crore for the March quarter compared to around Rs 1,456 crore a year-ago, LIC has paid Rs 1,470 crore, an increase of 15 percent over Rs 1,280 in the same period last year.

For the full fiscal, the insurance behemoth has paid Rs 5,880 crore as against Rs 5,100 crore in the last financial year, while mortgage lender HDFC paid 12.8 per cent more at Rs 2,435 crore, this fiscal. Its Q4 payout was about Rs 550 crore, up from Rs 500 crore a year ago.

Rural development lender Nabard has paid about Rs 1,560 crore, up from Rs 1,490 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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