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: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: ACCOUNTING STANDARD :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Direct Tax »
  No relief to those who defaulted on 1st IDS installment: CBDT
 CBDT clears the air on rental incomes from industrial parks, SEZs
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17

Direct Tax Collections
June, 07th 2008

The Finance Minister Shri P. Chidambaram will inaugurate the 24th Annual Conference of Chief Commissioners & Directors General of Income Tax here on coming Monday. The valedictory address will be given by Minister of State for Finance Shri S.S. Palanimanickam. The Conference will discuss, among other things, speeding up processing of tax returns, augmenting revenue collection, improving selection and quality of tax scrutiny, managing switchover to single national database, creation of knowledge bank and database of best practices, implementation of the Business Process Reengineering (BPR) report, and improving investigation techniques and oversight mechanism within the department.

Direct tax collections at Rs.3,14,468 crore surpassed indirect taxes for the first time by about Rs.34,000 crore in the fiscal 2007-08. Higher direct tax collections have helped the government reduce fiscal deficit, meet the FRBM targets, and increase public investment in the social sectors. In view of the responsibility of being the primary contributor to the exchequer of the Government of India, the Income Tax department will discuss various issues relating to further improving direct tax administration during the Annual conference of Chief Commissioners and Directors General of Income Tax to be held on 9th and 10th June 2008.

During fiscal 2007-08, net direct tax collections stood at Rs.3,14,468 crore as against net collection of Rs.2,30,184 crore during fiscal 2006-07, registering a growth of 36.6 percent. Thus, for the second consecutive year, direct tax collections have grown at over 35 percent. This is despite the fact that refund payouts during 2007-08 were more than the previous fiscal. The growth in Corporate Taxes was 32.1 percent (Rs.1,90,653 crore as against Rs.1,44,318 crore) while Personal Income Tax grew by 42.1 percent (Rs.1,14,277 crore as against Rs.80,397 crore).

High growth in direct tax collection in the past two years has been achieved due to better tax compliance among the taxpayers and improved tax administration and enforcement by the Income Tax department. The cost of direct collection, on the other hand, declined to an all-time low of 0.54 percent, among the lowest in the world.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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