Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Central Govt Extended Time Limit to File Refund Claim of Service Tax on Exported Goods: CESTAT allows Refund
 Filing Income Tax Return Early? Make Sure To File Correct Details
 ITR 3 What is ITR 3 Form & How to File ITR-3?
 ITR Filing 2024: How To Claim Tax Refund Online, Check Step-by-step Guide To Know Status
 Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms
 How to maximize tax benefits for senior citizens in India
 Income tax return filing: ITR filing 2024 date is upon us, but should you rush to file?
 Income Tax Return AY 2024-25: ITR-1, ITR-2, ITR-4 Enabled for Online Filing; Check Details
 New Tax Regime: What Is It? How Can You Opt For It? Comparison With Old One
 6 Ways to Save Income Tax On New & Old Tax Regime for FY 2023-24
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news

13 in Gujarat pay over 1 crore each as advance tax
May, 08th 2014

As many as 13 people in the state - including industrialists, builders, jewellers and cricketers - have paid Rs 1 crore or more each, as advance tax this year. Navnit Mulchand Shah, who owns a 100% export-oriented pharmaceutical unit in Ahmedabad, has emerged as the top tax payer with Rs 10.5 crore advance tax, followed by Rajkot-based jeweler, Ashokumar Zinzuwadia who has paid advance tax worth Rs 5.5 crore.

Cricketers Ravindra Jadeja and Irfan Pathan are also among the top tax payers with taxes worth Rs 2 crore and Rs 1 crore respectively. Among corporate houses, Axis Bank, GMDC, Adani SEZ, Torrent Pharma and Gujarat Gas were the highest tax payers for the same period.

This year, the income tax (I-T) department fell short of the advance tax collection target by Rs 4,200 crore. According to figures, the I-T department collected Rs 27,400 crore against the target of Rs 31,900 crore. Last year against the target of Rs 26,000 crore, the department had reported a collection of Rs 25,800 crore.

The top taxpayers' list comprises people from all types of areas - from pharmaceuticals to sports. Manoj Mansukhani who runs a shipping company in Kandla, and Udaykumar Chhabildas Patel of a city-based manufacturing Industry, paid advance tax worth Rs 4.2 crore each.

"Every year, the advance tax target is increased by 30% and with slowdown affecting industries, collections have fallen," said an I-T official. For 80% of the taxes, the I-T department is dependent on major corporate houses as well as on public sector companies.

Ahmedabad-based Nitin R Shah, who runs a pharmaceutical company, rounded off the top five payers with tax worth Rs 4 crore followed by Vadodara-based Seema Ajay Ranka, the proprietor of a manufacturing industry, who paid tax worth Rs 2.8 crore.

"Power and infrastructure sectors were the most affected by the economic slowdown which resulted in lower tax collections," said the I-T official.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting