Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: Central Excise rule to resale the machines to a new company :: due date for vat payment :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT
Direct Tax »
 Filing your return may not mean the end of tax issues
 Filing tax return before March 31? Here is what you should do and what not
 CBDT invites suggestions to draft new Direct Tax Law
 Deadline For Income Tax Returns Filing Only 12 Days Away. 10 Points
 Income Tax: E-assessment ensures greater efficiency in the taxation system
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds
 CBDT to conduct nationwide review of tax collection for FY18 today

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 2018 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