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 :: due date for vat payment :: list of goods taxed at 4% :: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: cpt :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARD :: form 3cd
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

Corporate tax collections fall short of revised estimate
May, 22nd 2009

The Centres corporate tax collections for financial year 2008-09 have fallen short of the revised estimate by about 3.68 per cent. On the other hand, personal income-tax collections are a tad better than the targeted revised estimate.

Official data released on Thursday by the Central Board of Direct Taxes (CBDT) showed that corporate tax collections in 2008-09 stood at Rs 2,13,823 crore, lower than the revised estimate of Rs 2,22,000 crore.

The year-on-year growth in corporate tax collections during 2008-09 stood at 10.84 per cent.

This was lower than the 33.67 per cent jump in 2007-08.

Personal income-tax collections (including the Securities Transaction Tax, the Fringe Benefit Tax, and Banking Cash Transaction Tax) in 2008-09, at Rs 1,23,967 crore, were higher than the revised estimate of Rs 1,22,600 crore. On a year-on-year basis, personal income-tax collections grew 4.26 per cent in 2008-09. This was lower than the 36.64 per cent growth recorded in the previous year.

In 2008-09, FBT collections grew 12.38 per cent to Rs 7,997 crore (Rs 7,116 crore in 2007-08). The STT, however, declined by 36.95 per cent to Rs 5,408 crore (Rs 8,577 crore).

Direct tax collections

The Centres direct tax collections in 2008-09, at Rs 3,38,212 crore, were up 8.33 per cent over the Rs 3,12,202 crore garnered in 2007-08. In 2008-09, direct taxes accounted for over 55 per cent of the total central tax revenues. Net direct tax collections had recorded 36 per cent growth in 2007-08.

Industry observers said that the direct tax collections were hit by the global financial meltdown and the resultant slowdown in the Indian economy.

A CBDT release highlighted that direct tax collections exceeded the previous years collections by about Rs 26,000 crore despite the economic slowdown and the substantial relief provided to non-corporate taxpayers.

It also said that the collections include an additional tax of Rs 31,242 crore from demands raised by the Income-Tax Department.

Tax arrears of Rs 10,016 crore and current tax of Rs 21,226 crore account for this amount.

Collection of direct taxes has more than tripled from Rs 1,05,088 crore in 2003-04 to Rs 3,38,212 crore in 2008-09 at an average annual growth of 26.75 per cent. From 1990-91 to 2001-02, the average annual growth rate stood at 18.86 per cent.

The cost of collection, which increased to 0.66 per cent during 2008-09 from 0.54 per cent in 2007-08, still remains one of the lowest in the world, the CBDT release said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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