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: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit
 
 
Direct Tax »
  CBDT to waive interest if tax demand paid in retro cases
 No relief to those who defaulted on 1st IDS installment: CBDT
 6 tax tasks you should finish by March 31
 CBDT to waive interest if tax demand paid in retro cases
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers

To shore up direct tax collection, Mumbai I-T dept focuses on citizens not filing returns
May, 07th 2016

The Mumbai Income-Tax department has sent out 12 lakh notices, emails and text messages to citizens who are not filing I-T returns. They have been asked to file returns as the department tries to shore up the tax base.

The move comes after the department added only 2.48 lakh new taxpayers from April to December in the last financial year. That rate was much lower than what was needed if the department had to achieve its target of adding 6 lakh new taxpayers in Mumbai in 2015-16.

As the financial capital of the country, Mumbai is the highest contributor of direct taxes — which includes income tax, corporate tax, wealth tax, securities transaction tax and so on.

The I-T department recently released state-wise numbers. Maharashtra accounts for close to 40% of direct tax collections in India, followed by Delhi (13.1%), Karnataka (8.7%) and Tamil Nadu (6.4%).

Overall, direct taxes account for less than 50% of total tax collection in the country — which points to a regressive tax regime (indirect taxes like excise and customs do not differentiate between the rich and poor and everybody pays the same amount).

One way to increase direct tax collection is to increase the tax base — only 2.5% of 120 crore Indians file I-T returns and only 1% pay any income tax at all.

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

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