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: ACCOUNTING STANDARD :: VAT RATES :: TDS :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: empanelment :: articles on VAT and GST in India :: cpt :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

71% direct tax kitty swells
June, 19th 2008

 Direct tax receipts rose 71.3% in the first two months of the current fiscal year from a year ago, indicating the economy was sustaining its growth pace. The buoyancy in revenue collection comes as a relief for the government, which is struggling to meet fiscal deficit targets amid the pressures of a soaring subsidy bill and farm debt waiver.

The Central Board of Direct Taxes on Wednesday said that corporate tax receipts in the April-May period rose 68.05% to Rs 8,126 crore, up from Rs 3,185 crore in the same period last year. Income tax collections (including FBT, STT and BCTT) grew 73.05% to Rs 14,690 crore, up from Rs 8,489 crore. Total direct taxes for the two-month period stood at Rs 22,840 crore, up from Rs.13,335 crore.

The robust growth in direct taxes has been achieved despite larger refund payouts at Rs 9,014 crore, the CBDT said.

Last week, the finance minister urged the board to raise the annual target for direct tax collections to Rs 400,000 crore from the budget estimate of Rs 3,65,000 crore. Tax deducted at source (TDS) continued to grow this fiscal at about 51%, i.e. the same level as in the last fiscal.

Refunds were issued to over 48 lakh taxpayers, compared to about 44.5 lakh worth of refunds in the previous fiscal (2006-07). According to CBDT, the Income Tax department endeavours to provide better taxpayer services, particularly in issuing of refunds. Therefore, the criteria for issuing refunds without verification of TDS instruments have been relaxed to gross TDS claims of up to Rs 5 lakh and net refund claim of Rs 25,000 per taxpayer.

Under the relaxed criteria, about 92% of the refund claims for fiscal 2007-08 will be settled without asking taxpayers to produce the TDS certificates/challans in cases of mismatch, the board said.

The board attributed the growth in direct tax collections to better tax compliance by the taxpayers and an improved tax administration. The cost of collection has declined to an all-time low of 0.54% during 2007-08, which is among the lowest in the world, the board said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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