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: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: TDS :: Central Excise rule to resale the machines to a new company :: cpt :: due date for vat payment :: list of goods taxed at 4% :: form 3cd :: VAT Audit
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

13 in Gujarat pay over 1 crore each as advance tax
May, 19th 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.

Top Advance Tax Payers in Gujarat

Name Sector Advance tax (Rs in cr)

Navnit Mulchand Shah Pharma 10.50

Ashokkumar Zinzuwadia Jewellery 5.5

Manoj Mansukhani Shipping 4.2

Udaykumar Chhabildas Patel Manufacturing 4.2

Nitin Rasiklal Shah Pharma 4

Seema Ajay Ranka Manufacturing 2.8

Bharat Pathak Construction 2.7

Dharmesh Kamlesh Jungi Fisheries 2.4

Dinesh Ishvarlal Gawarvala Rubber 2.3

Kantilal Ishvarlal Patel Chemical 2.1

Ravindra Jadeja Sports 2

Saurabh Soparkar Law 1.37

Irfan Pathan Sports 1

Top companies

Company Advance tax filed (Rs in cr)

Axis bank 3200

GMDC 225

Adani Ports and SEZ 223

Torrent Pharma 188

Gujarat Gas 150

GSPC 12

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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