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: ACCOUNTING STANDARD :: VAT RATES :: articles on VAT and GST in India :: empanelment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: list of goods taxed at 4% :: form 3cd :: TDS :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers

FY09 direct tax collection up 8.33%
May, 21st 2009

Net direct tax collection during the fiscal FY09 stands at Rs3.38 trillion, up from Rs3.12 trillion during FY08, registering a growth of 8.33%.

As per available figures, net direct tax collection during the fiscal FY09 stands at Rs3.38 trillion, up from Rs3.12 trillion during FY08, registering a growth of 8.33%. Growth in Corporate Taxes was 10.84% (Rs2.13 trillion as against Rs1.93 trillion), while Personal Income Tax (including FBT, STT and BCTT) grew at 9.09% (Rs1.24 trillion as against Rs1.19 trillion). Growth in Fringe Benefit Tax (FBT) was 12.38% (Rs79.97bn as against Rs71.16bn). Securities Transaction Tax (STT), however, declined by 36.95% (Rs54.08bn as against Rs85.77bn).

Despite economic slow-down and substantial relief to non-corporate taxpayers, direct tax collections exceeded the previous year s collection by about Rs260bn, Corporate tax deducted at source (TDS) registered a growth of 35.4% (Rs616.83bn against Rs454.5bn last year); PIT TDS registered a growth of 16.3% (Rs687.86bn against Rs591.45bn last year); and Central Government TDS registered a growth of 65.39% (Rs33.64bn against Rs20.34bn last year). Taxes collected include an all time high additional tax amounting to Rs312.42bn collected out of tax demand raised by the Income Tax department. This amount consists of tax arrears of Rs100.16bn and current tax of Rs212.26bn.

Collection of direct taxes has more than tripled from Rs1.05 trillion in FY04 to Rs3.38 trillion in FY09 at an average annual growth of 26.75% against an average annual growth rate of 18.86% between 1990-91 to 2001-02. Direct tax as %age of GDP stands at 6.23%, a marginal decline from 6.61% achieved during FY08.

However, direct tax to GDP ratio has increased from 3.81% in FY04 to 6.23% in FY09 as compared to increase from 2.1% in 1990-91 to 3.03% in 2001-02, contributing over 55% of central tax revenues. The cost of collection, which increased to 0.66% during FY09 from 0.54% during FY08, still remains one of the lowest in the world.

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

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