Latest Expert Exchange Queries

Make 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) | 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: VAT RATES :: empanelment :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: cpt :: articles on VAT and GST in India :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 CBDT clarification on Ind-AS makes tax calculation harder for companies
 I-T department to share companies' tax info with corporate ministry
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation

Direct Tax Collection on the record high
June, 10th 2008

Union Finance Minister P Chidambaram on Monday said that a two-day meeting would be convened with the members of Central Board of Direct Taxes (CBDT) for discussing the issue to revise the target upward of direct tax collection as this year direct tax collection has surpassed the indirect tax collection by whopping Rs. 34,000-crore.

The Ministry has targeted to achieve direct tax collection of Rs.3,65,000 crore for the current fiscal 2008-09 as per Finance Minister informed. This year government has collected Rs.3,14,468-crore, 117% more as against original budget estimate for this fiscal.

The CBDT has released the data of total direct tax collection revealing that the collection cost of direct tax has been reached all time low. This year, CBDT has spent Rs.0.54 for collection every Rs.100 illustrating the lowest amount spent in the world.

On the other hand the total direct tax collection was Rs.44,600-crore in 1998-99 whereas the collection cost percentage was 1.90 and in 2003-04, the total direct tax collection has been reached Rs.1,05,088-crore at 1% of spent cost collection.

The data show that in just four years, the total direct tax collection has triplets while the cost collection percent was reduced to half level.

If this trend continues with 40 percent ratio, India would meet the fiscal deficit target and blunt the effect of increasing oil bills and other subsidies.

The Direct tax collection includes income tax, Tax Deduction on Sources (TDS), sales taxes tax on property etc. According to Income tax department stats, there was a base of 1.7 crore assesses in 1998-99, which has gone to 3.5-crore in last fiscal while the gross domestic product (GDP) ratio has also been increased from 2.68% in 1999 to 6.67 per cent in 2007-08.

The TDS has risen to 51% in last fiscal while advance tax hiked 23.6% and self-assessment tax by 62 per cent, the sources reveals.

In a two-day meeting, FM will discuss the report on Business Process Reengineering (BPR) prepared by PricewaterhouseCoopers, besides discussing over revising the target, providing more services for taxpayers and other tax matters.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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