Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARD :: empanelment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt
 
 
Direct Tax »
 TDS on Rent under section 194I of Income Tax Act
 New direct taxes code aims for lower rates, wider base
 Towards a new direct tax system
 Central Board of Direct Taxes (CBDT) signs two Indian Advance Pricing Agreements (APAs) in November, 2017
 CBDT asks I-T to slap higher tax rate on fraudulently revised ITRs
 CBDT to accept transfer pricing MAP sans riders
 CBDT relaxes norms for MAP & APAs
 CBDT directs I-T Dept to closely examine all revised ITRs filed after demonetisation
 Non-resident investors get tax relief from indirect transfer rules
 Can the TDS liability under GST be fixed with retrospective effect?
 New direct tax law coming

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