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: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: form 3cd :: TDS :: ACCOUNTING STANDARD :: due date for vat payment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
 
 
« General »
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits
 Alarm bells over return of tax inspector raj

India Inc's tax outgo seen up 18% in Q1
June, 25th 2010

Indian companies are estimated to have paid 18% higher tax in the June quarter, compared with the year-ago period, signalling strong recovery in the economy. Although it will take three more days for us to compile the figures, we know that the tax collection has gone up at least 18% CBDT chairman SSN Murthy told ET. The figure will be announced by the month-end, he said.

Back-of-the-envelope calculations suggest Indian companies have paid at least Rs 30,680 crore in the June quarter against Rs 26,000 crore in the year-ago period.

Since the advance tax payment in the June quarter normally accounts for 15% of years total, analysts say the corporate tax collection in 2010-11 may be around Rs 2,04,530 crore.

An income-tax official, who did not wish to be named, attributed the surge in the June quarters tax collection to higher profit of most companies, in the 10-30% range.

Moreover, oil marketing companies which did not pay tax last year in the absence of receipt of payment from the government, paid advance tax this time, the official said. In addition to oil companies, banks and pharmaceutical companies paid substantially higher tax, year-on-year, he added.

Mumbai, which accounts for 37%-40% of the countrys direct tax collection, has reported nearly 15% increase in tax receipts, and I-T authorities are hoping the combined direct and indirect tax collection will meet the target of Rs 4,30,000 crore this year. Last year, the collection was at Rs 3,75,000 crore.

In the previous two financial years, tax collection fell short of target. In 2008-09, it was Rs 60,000 crore lower than the target, following the slowdown in the wake of the collapse of Lehman Brothers. Collection improved marginally in 2009-10, but it was lower than the revised target of Rs 4,00,000 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and 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