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: VAT Audit :: empanelment :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears
 CBDT chief prods taxmen to buck up, meet recovery target
 CBDT to hold review meeting on PMGKY, tax collection on Mar 17
 Monitor tax collection to meet target by Mar 31: CBDT to taxman
 File prosecution cases against shell companies: CBDT to taxmen

Upswing in India's direct tax mop up: Chidambaram
June, 09th 2008

Following a major increase in direct tax collection last fiscal, the Indian government expects to substantially revise upward the estimate for the current fiscal.

"The Central Board of Direct Taxes (CBDT) will meet over the next couple of days and increase the estimate upward," Finance Minister P Chidambaram said on Monday after a meeting with the top officials in the direct tax administration.

The budget estimate for direct tax collections for the current fiscal has been set at Rs 3,650 billion and the finance minister said that there would be a need to hike the estimates even if one assumes a 25 per cent increase this fiscal.

"For 2007-08, direct tax collection was Rs 3, 144.68 billion. This represents an increase of 36.62 per cent over the previous fiscal, and 117.56 percent of the original budget estimates," he said.

"In four years, this has been tripled - that is from Rs 1,050.88 billion to Rs 3,144.68 billion. This is a remarkable achievement and I complement the department for this extraordinary achievement," he added.

"The cost of collection has come down to 0.54 per cent. For every Rs 100 collected, the department spends only 54 paise. Now this is the lowest in any jurisdiction in the world, Chidambaram said.

The country's tax to gross domestic product (GDP) ratio also increased from 2.68 per cent in 1999 to 6.67 per cent.

He said that there was a 51-per cent increase in tax deducted at source last fiscal, advance tax had gone up by 23.6 per cent and self-assessment tax by 62 per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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