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
Latest Expert Exchange
« News Headlines »
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?
 How to e-verify your income tax return? Here are five ways to do it

Advance tax mop-up may surge in Q1
June, 10th 2009

India's commercial capital is expecting a surge in advance tax payments for the first quarter of this fiscal, with the collections from tax deduction at source (TDS) registering an 18% jump so far compared with the previous year.

Mumbai accounts for over 40% of the countrys total tax collections, and the jump, mainly on account of a concerted mop-up drive by the income-tax department, has brightened the prospects of a better fiscal 2009 for the tax department.

In the last fiscal, TDS collections mainly from salaries, contract payments and tax deducted by Indian firms on payments to overseas entities had made up almost a third of Mumbais direct tax kitty. According to IT officials, TDS collections from Mumbai in the April 1-June 9 period stood at Rs 11,900 crore, against Rs 10,098 crore for the same period in the previous fiscal. They consider this as indicative of a better first quarter show compared to the last fiscal. A clearer picture will emerge after June 15, which is the last date for payment of the first installment of advance tax.

Typically, this installment constitutes around 15% of the years total advance tax collection. For the Mumbai region, the last fiscal brought in Rs 39,000 crore by way of TDS; this was 27% higher than the fiscal 2008. Total tax collection for the fiscal 2009 stood at approximately Rs 1.18 lakh crore, lesser than the target of Rs 1.50 lakh crore.

The first two months of the 2009 fiscal saw an unprecedented 70% growth in collection, which prompted the finance ministry to revise its all-India direct tax collection target to Rs 3.95 lakh crore from Rs 3.65 lakh crore. However, collections dropped sharply from September before eventually ending the fiscal at Rs 3.4 lakh crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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