Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: list of goods taxed at 4% :: cpt :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
 
 
« News Headlines »
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C
 How to avoid excess deduction of TDS from salary income
 Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961

Tax collection shows no effect
July, 09th 2010

The central board of direct taxes is busy finalising the draft of the direct taxes code, which is expected to be tabled in Parliament in the upcoming Monsoon session. The boards chairman, SSN Moorthy, explains the progress in drafting this revolutionary law and its possible impact on revenue collections in conversation with Media. Excerpts:

Direct tax collections have been very good in the first quarter. What does this trend mean?
If collections of June are any indication, then we are on the right track because industrial growth has picked up from last year onwards. We do not see any effect of Greece or Portugal in India. Tax collections are reflecting it and if the tempo continues we could register a growth of about 16%. On the corporate side, the growth in June advance tax payouts is commendable. If the industry continues to grow then we shall be able to achieve our annual target of Rs 4,30,000 crore or even more.

What is the income tax departments strategy to boost collections?
We will galvanise our tax deducted at source (TDS) machinery and make our assessments more result oriented. TDS contributes more than 35% of the total collections. So there is an emphasis on how to expand it. In TDS our reach is limited. So we would like to expand to all areas such as government departments, non-government departments, non-government organisations and semi-government agencies. The intent is to further widen and deepen our TDS net.

The last date for giving comments on the second discussion paper on the direct taxes code was June 30. Can we expect the bill in the Monsoon Session of Parliament?
All major concerns have been addressed. Reactions have been reasonably warm and not much of criticism has come. We have given a chance to all stakeholders. We also had a meeting with the industry. They have given some ideas. They will now be considered. The draft is getting ready. If everything goes well and all legal drafting is complete, then we should be able to introduce it in the Monsoon session.

What does the code mean for the collections?
We are in a situation when the tax rates are moderate. When the tax rates are low, compliance levels will be higher. We are looking to collect Rs 4,30,000 crore this years. With the direct taxes code, collections could be much higher. If the goods and service tax is also in place, then it will also boost direct taxes collections because transactions will be more transparent and there will be less chance of concealing them.

Could there be significant changes in the draft?
I cant say anything. We have published our ideas. The concerns expressed by various stakeholders have been addressed. Some suggestions have come and now it is for us to see if to dilute it further or give it another orientation. But, by and large, all major issues have been addressed.

 
 
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 Vision

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