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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT RATES :: VAT Audit :: due date for vat payment :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ACCOUNTING STANDARD
 
 
Direct Tax »
 Income tax return: TDS refund on capital gains invested needs to be instant
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal

Rs 5.7 lakh crore direct tax collection target achievable:
June, 12th 2012

Finance Secretary R S Gujral today expressed hope that the direct tax collection target of Rs 5.7 lakh crore for the current fiscal will be achieved on the back of good performance from sectors including, consumer goods, software, cement and oil companies.

"The 15 per cent growth in our direct taxes target is not unachievable and it is not that difficult at all," he said in his address to senior officials of Income Tax Department.

Gujral said "of hand I would say the sectors which are positively likely to do well and show growth" this fiscal include consumer goods, software, cement, infrastructure, banks, oil companies and steel, among others.

He said performance of software companies, which did well last fiscal also, is likely to be good on account of rupee depreciation, while the decline in crude oil prices is good for oil marketing companies.

Direct tax collections in 2011-12 was about Rs 4.95 lakh crore, marginally short of the downwardly revised target of Rs 5.05 lakh, as some sectors were "extremely stressed" and accordingly tax revenue from them declined significantly.

"With a growth of 6.5 per cent (in 2011-12) and with inflation of at least 7.5-8 per cent our collection for direct taxes should have been higher. The tax-GDP ratio declined marginally, which should not have occurred," Gujral said.

Gujral further pointed out that "there are certain sectors which will continue to do poorly (in this fiscal also). At least we do not anticipate too much of improvement in the current year".

He said certain banks, some steel companies and capital goods firms and iron ore and aluminium companies are also likely to perform "badly" this fiscal year.

Referring to rising fiscal deficit and widening current account deficit and the issue of black money, "clearly if we have to tackle the these problems there is a need to augment the revenue significantly but simultaneously also ensure that we spur growth", he said.

"There is a need for balancing tax collection with reasonabilty," he added.

He further said income tax refunds are likely to be lower this fiscal as compared to Rs 95,000 crore in 2011-12. In the first two months of the current fiscal, the refunds were Rs 1,600 crore, much less than the previous year.

On General Anti-Avoidance Rules (GAAR), implementation of which has been deferred till the next fiscal, Gujral said the provisions has created an impression in the minds of the public as if the Income Tax Department is likely to be given unbridled powers which may trouble honest tax payers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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