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: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: 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

To revise direct tax targets upwards: FM
June, 10th 2008

Finance Minister P Chidambaram said direct tax targets will be revised sharply upwards. The direct tax budgetary estimate was at Rs 3,65,000 crore. FM is confident that the direct tax collections will exceed targets and economy will grow over 8% this fiscal.

FM has also asked Central Board of Direct Taxes, or CBDT to sharply up the FY09 direct tax target. He also informed that the new income tax code is ready and the discussion paper is being written.

Finance Minister P Chidambaram's indirect tax revenue projections have been hit thanks to fighting inflation and doling out a bailout package for oil companies. But Chidambaram claims direct tax collections will make up for the loss in revenue. Chidambaram expects a 25% increase in direct taxes this fiscal.

 The Finance Minister is hoping that the Central Board of Direct Taxes will collect around Rs 4 lakh crore this fiscal, a 25% increase over last year's direct tax collections. Chidambaram hopes this will make up for the loss in revenues on account of the recently announced oil package, and cuts in customs and excise duties, which works out to about Rs 30,000 crore.

 The FM's confidence stems from the fact that direct tax collections had surged by about 36% last fiscal to take the total collections to a shade over Rs 3,14,000 crore, on the back of a 9% growth in 2007-08. But with a slowing economy, the FM is not willing to take any chances. So, he is asking the tax department to tighten compliance.

 The tax net is expected to be widened; 2,73,00,000 assesses filed returns last year. This year the figure is expected to go up to 3 crores.  The ambit of the Annual Information Return will also be expanded

 The FM is also taking the compliance battle to the Railways and the Defence Ministry. Though both have generated substantial TDS collections, yet commensurate returns have not been filed. The FM will now take up the matter with these both ministries. And here's the warning- get ready to be prosecuted if you have stopped filing returns or havent filed returns at all.

 There are stop filers and non filers. We will identify them and if caught they will invite prosecution. There are 15 cases pending with us, said Chidambaram.

But the FMs direct tax projections could go awry if crude and inflation continue to rule high and interest rates harden further. For now, Chidambaram is confident of tiding over the current fiscal crunch.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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