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 :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: VAT RATES :: TDS
 
 
News Headlines »
 India is second most complex tax jurisdiction
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017

Mumbai opens purse strings, pays 92% more corporate tax
July, 26th 2006

The Mumbai income tax department, which usually accounts for 35-40% of the all-India corporate tax mop-up, has registered an unprecedented 92% increase in corporate tax collection to Rs 2,514 crore for the three months ended June '06. The all-India figure during the same period is estimated at Rs 18,500 crore, a 75% rise over the corresponding period last year. The target set by the finance ministry for Mumbais I-T department for the whole fiscal is a minimum collection of Rs 46,000 crore.

"The tax collection is in tune with the Mumbai's collection target of Rs 69,000 crore," said Indira Bhargava, the new chief I-T commissioner. Ms Bhargava also said the amount refunded during the period was considerably less compared to the previous years.

One of the reasons for the quantum jump is the department has been able to streamline the TDS collection, thanks to the computerisation of the I-T department. The department got most of the TDS collection on time, including the bulk TDS from corporates.

The general buoyancy in the economy is the other contributing factor. With a zooming stock market, the all-India collection of STT surged to Rs 1,570 crore. The figure for the same for the corresponding period last fiscal was less than Rs 600 crore, marking a climb of over 250%.

Mumbai's personal tax collection, too, rose at an unprecedented rate to Rs 3,213 crore, a 70% jump. The figure for the same for the whole of India is a 42% increase to Rs 14,400 crore. The fringe benefit tax (FBT) from Mumbai is estimated at Rs 46 crore and securities transaction tax (STT) at Rs 1,214 crore.

The tax mop-up figure is an achievement of sorts, considering the fact that any rise between 20-25% over the previous period is generally considered very good. Since Mumbai accounts for a significant chunk of the all-India kitty, the revenue authorities hope to get past the overall target for the current fiscal, fixed at Rs 2,10,000 crore.

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

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