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: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: list of goods taxed at 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: cpt :: articles on VAT and GST in India :: VAT RATES :: TDS :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4%
 
 
General »
 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
 Shah gets notices over civic tax dues
 Tax revenue down in first six months after prohibition

I-T dept's target for 2010-11
July, 31st 2010

The Vadodara circle of income tax (I-T) department has set a target of earning Rs 3,360 crore for the financial year 2010-11 from the region an amount which is 12 per cent more than last year's revenue. Despite recession, hitting profits and salary packages in 2008, the I-T department didn't suffer any revenue losses. In fact, I-T collections have been increasing at the rate of over 10 per cent.

Last year, the department collected Rs 2,950 crore towards income tax and corporate taxes from Vadodara region. "Our revenue from income and corporate tax has been increasing at good rate. We have a general target of 10 per cent growth, which our region meets every year," said Arun Kumar Jain, I-T chief commissioner.

The I-T department is making special efforts to encourage people to file returns. This year, for the first time, the department officials went to IndianOil Corporation (IOC) to collect I-T return forms from their employees. "Our aim is to reach out to more and more people. Our visit to IOC was successful as 350 employees filed returns. Next year, we will approach more big companies like Reliance and also Railways to set up return filing camps in their premises," Jain told Media.

And, these efforts are bringing results as the number of assesses filling I-T returns have, in fact, increased. Last year, about 70,000 people filed I-T returns from Vadodara region and the number has increased to 76,700 returns this year. The number of citizens from Vadodara region earning salary above Rs 10 lakh too has gone up, thanks to big salary packages offered by engineering and chemical industries.

Last year, the department got 1,450 I-T returns of employees earning over Rs 10 lakh, while this year the number is expected to cross 1,800. Interestingly, the highest salary recorded by an individual from this region in assessment year 2009-10 was Rs 1.69 crore.

"There are several big companies in Vadodara region that are paying huge salaries to their managing directors and other top management men," Jain said. Of the total target of tax collections, about Rs 2,080 crore will come from corporate tax, while Rs 1,270 will be collected from income tax. Chemical industries will shell out about Rs 500 crore of corporate taxes off the total collection, officials said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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