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: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: due date for vat payment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: VAT Audit :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Direct Tax »
 Long Term Capital Gain under Finance Bill 2018
 Awareness drive on income tax returns filing
  Income Tax raid cases not to be processed under e-assessment: CBDT
 Income Tax raid cases not to be processed under e-assessment: CBDT
 CBDT chief to discuss revenue mobilisation with officers
 Income tax arises in the year of accrual or receipt of income
 How new LTCG tax with STT violates three basic principles of taxation
 Exemption Under Section 10(10b) Of Income Tax Act, 1961
 CBDT enters into seven advance pricing pacts in January
 What’s the impact of LTCG tax on equity mutual funds?
 No notice to taxpayers in case of minor filing mismatch in income tax returns: CBDT

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 2018 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