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: ACCOUNTING STANDARDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: due date for vat payment :: VAT RATES :: VAT Audit :: form 3cd :: TDS :: list of goods taxed at 4%
 
 
« Direct Tax »
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already

Growth prop for tax surge
June, 10th 2008

The Congress-led government is banking on 8.5 per cent economic growth for a surge in tax collections by about 20-25 per cent over budget estimates.

Finance minister P. Chidambaram expects the growth to occur despite rising crude and commodity prices. Every estimate says that the economy will still grow at 8.5 per cent, he said.

Chidambaram asked tax collectors to raise the target of direct tax collections by 25 per cent from Rs 3, 65,000 crore estimated in the budget for 2008-09.

The economy had expanded by 9 per cent in 2007-08 and 9.4 per cent the year before. A global commodity price surge and a tight money policy adopted by the Reserve Bank of India to check rising prices at home have seen growth rates tapering off.

However, the government believes a growing economy and better data mining may enable the tax collectors, who met here today for an annual conclave, to increase collections.

Given the actual collection during 2007-08 at Rs 3,14,468 crore, I have asked the CBDT (Central Board of Direct Taxes) to quickly revise upwards the (budget) estimate. The estimate will no longer be Rs 3, 65,000 crore. The CBDT will meet over the next couple of days and increase the estimate upwards, Chidambaram said after the annual conference of the chief commissioners of income tax in Vigyan Bhawan here.

He said the estimates for the collection of tax should be raised 25 per cent. This would, if accepted by the tax officers, mean that the government would be able to gather Rs 3,92,000 crore as direct tax.

Chidambaram warned of prosecution if anyone has not filed returns for the last three years. Fifteen such cases have been identified, he added. In a search, seizure or survey if we find someone has stopped filing tax returns in the last three years or has not filed returns during this period, we would immediately start prosecution, he said.

The increased collections could help the government meet its various commitments higher subsidies on food and fertilisers, more oil bonds and the Rs 71,000-crore loan waiver to farmers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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