India's direct tax receipt pool rises by 8.33 percent
May, 26th 2009
Finance Ministry of India has announced that the country's direct tax receipts has gone up by 8.33 percent, taking the total amount to Rs. 3.38 lakh crores.
Paisawaisa (New Delhi) 25 May, 2009 : Direct tax receipts of the country are standing at a staggering Rs. 3.38 lakh crores for the present fiscal, this is what the Finance Ministry of the country has to say about the direct tax receipt collections of the last fiscal.
However, despite witnessing a surge of 8.33 percent in the total direct tax collections for the year, it still fell short by Rs. 6000 crores from its target of Rs. 3.45 lakh crores for the current fiscal. This was after the government revised the collection target from Rs. 3.64 lakh crores to Rs. 3.45 lakh crores, a correction that was made deliberately to make up for the deficit in its revenues department due to the economic slowdown.
According to the ministry, corporate tax collections went up by 10.8 percent to make it Rs. 2.14 lacs crore for the last fiscal, thanks to the e-filing feature. On the other hand, individual income tax ( http://www.paisawaisa.com/ITR/individual.aspx ) receipts also surged up by 9.1 percent to reach at Rs. 1.24 lakh crores.
For readers information, corporate tax deducted at source has seen an overall yearly growth of 35.4 percent to Rs. 61683 crores as against Rs. 45, 450 crores in the previous fiscal.