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: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT Audit :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

FinMin goofs up on advance tax growth data
June, 20th 2011

In its zeal to prove critics wrong about falling direct tax collections, finance ministry goofed-up, announcing on Friday a highly exaggerated advance tax growth of nearly 77 per cent in Q1, only to be corrected very next day to a realistic 19 per cent.

A finance ministry official on Friday told a group of select media that advance taxes paid by the corporate sector increased a whopping 76.8 per cent to Rs 30,399 crore in the first quarter of this financial year as compared to the corresponding previous year. This could swell further in next few days with more companies pay their dues, signifying revenue buoyancy and profitability of the company.

As these unrealistic numbers hit the headlines, the central board of direct taxes got into the damage control mode very next day with its chairman Prakash Chandra officially releasing the advance tax payout figures, whose first instanlment is made on or before the June 15 deadline.

For the June 15 instalment (this year), advance tax payments stood at Rs 31,262 crore, registering a 19 per cent increase over Rs 26,293 crore collected for the same instalment last year, India Incs advance tax payments for the June 15 instalment last year recorded 33 per cent growth, Chandra told reporters quoting the latest advance tax figures available with the revenue department.

He however did not explain on how did the error of 77 per cent growth crept-in.

Corporates make advance tax payouts four times a year with deadline fixed as June 15, September 15, December 15 and March 15.

Chandra said CBDT expected 25 per cent growth in corporate advance tax collections in first quarter and the numbers would be finalised in the next few days. Usually the numbers are available around 20th of the month in which advance tax is due as there are some spill over in the collections. It is normally released around 20th and it is not clear why government chose to release it a bit earlier this time.

"The 20 per cent plus growth that we see in corporate advance tax is reasonably good growth. Our overall gross in tax collections till date this quarter has increased 24 per cent. The TDS growth this year is also higher at 29 per cent, from 20 per cent level last year. We are comfortable, Chandra said.

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

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