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: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: VAT Audit :: Central Excise rule to resale the machines to a new company
 
 
« News Headlines »
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it

Good compliance to keep taxman at bay
July, 13th 2007

You can breathe easy this fiscalat least as far as the taxman is concerned. Satisfied with the revenue collections so far, the tax authorities are unlikely to focus on income surveys, audits or raids for the remainder of the year.

A finance ministry official said Given the robust tax collections in the first quarter, especially direct taxes, we dont think it will be necessary to use any of these measures. We are confident of reaching our full-year target of Rs 2,67,491 crore. Voluntary compliance by taxpayers has been quite good and the department is confident this trend will continue, he said.
 
A buoyant economy has ensured a strong growth in corporate tax collections, the official pointed out. They grew 21.85% in the first quarter to Rs 32,607 crore. Personal income-tax collections, on the other hand, jumped 36.5% to Rs 17,511 crore in the same period last fiscal.

Gross direct tax collections (including fringe benefit tax, securities transaction tax and banking cash transaction tax) during April-June 2007 grew 27.6% to Rs 52,485 crore. Net direct tax collections (after refunds) showed a massive 54.4% jump to Rs 44,139 crore during April-June, compared with the corresponding period the previous year.

The government will, however, keep a tab on collections through the year and decide if it needed to resort to any additional measures, the officials said.

Satisfied with the good collection, taxmen are unlikely to conduct income surveys, audits and raids
Corporate tax mop-up grew 21.85% to Rs 32,607 cr in Q1; personal income-tax grew 36.5% to Rs 17,511 cr
But such measures may be reverted to in the latter half of the fiscal, if tax collections fall short of estimates
 
The need for stringent measures in the backdrop of good taxpayer compliance was likely to be one of the main issues to be discussed at the annual national conference of income-tax chief commissioners to be held in Delhi on July 17-18.

The conference will also discuss the response to the new income-tax return forms introduced earlier during the year. The chief commissioners are expected to deliberate on procedural issues related to issues such as filing and processing the return forms. The recently launched tax return preparer scheme will also be evaluated at the meeting.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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