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: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: empanelment :: list of goods taxed at 4% :: cpt :: form 3cd
 
 
« News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

Direct tax mop-up rises 128% in April
May, 25th 2007

Direct tax collection in April 2007 has shot up by over 128%, mainly due to faster clearing of refunds by the income tax department during 2006-07. Direct tax collection in April 2007 stood at Rs 5,441 crore, compared with Rs 2,381 crore in the corresponding period of the last fiscal.

The I-T department issued refunds amounting to over Rs 39,000 crore in the last fiscal, an increase of nearly Rs 10,000 crore over 2005-06.
 
Explaining the rise in collection figures, a Central Board of Direct Taxes (CBDT) official said, Last fiscal, we were able to process refunds faster and most of them were encashed by taxpayers by March. So there was no deficit in tax collections in April this year. In 2005-06, the refund process may have been slower and a large number of cheques may have been encashed in the next year, leading to a drop in collection in April 2006, he added.

Corporate income tax has been the top most gainer and has grown nearly 213% to Rs 1,602 crore. It had shown a deficit of Rs 1,418 crore in April last year.

Personal income tax collections rose to Rs 3,839 crore in April, a marginal increase of 1.24% over the same period last fiscal.

According to sources, refund claims during April this year have remained low, another reason for the rise in tax revenue. In the first two weeks of April, the department issued refunds amounting to Rs 1,834 crore.

Direct tax collection trends continue to remain buoyant in May as well. Till Thursday, the department had collected Rs 14,791 crore as corporate and personal income tax. This is an increase of over 50% over last fiscal, when till May about Rs 7,000 crore poured in.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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