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: ACCOUNTING STANDARD :: cpt :: TDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company
« Indirect Tax »
 Indirect tax collections rise by 23.1 per cent in November
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017

Income Tax department eyes Rs 2.56 lakh crore tax mop up from Mumbai in FY16
July, 10th 2015

The Income Tax department is looking at collecting tax worth Rs 2,56,000 crore from the Mumbai zone during this fiscal, which is 13 per cent more than the amount mopped up last year.

The department had collected Rs 2,26,000 crore tax from the Mumbai zone during 2014-15.

"We are working on a three-pronged strategy to achieve the higher target at Rs 2,56,000 crore this fiscal year," newly-appointed Principal Chief Commissioner of Income Tax and Head of Mumbai zone, D S Saxena told.

Explaining the strategy further, Saxena said, "To begin with, the department will try to increase the number of income tax returns. Secondly, we will try to fill up the vacancies at various levels, so that there is enough manpower, and finally we will try to recover the large amount of tax dues."

He, however, did not specify how much are the dues under litigation.

Saxena said the New Delhi zone, which he was heading prior to taking over the Mumbai zone a few days back, had collected Rs 1,02,000 crore in 2014-15, which was more than Rs 500 crore from the target for the year.

However, he did not say what is the target for the Delhi zone for this year.

The official said that the Mumbai zone being the largest contributor to the income tax kitty will be under special watch to meet the target.

"Even though we are not watching companies sector-wise, we are closely monitoring their profit on a quarterly basis. We are also monitoring advance tax payouts," he said, adding, "In case we find any large variation in profit margins and advance tax payout, we will issue notices to them and ask them to make up the differences."

The net effective tax being levied on corporates currently stands at 22.6 per cent of the profit.

"As on July 8, the Mumbai zone collected Rs 28,693 crore, up 13.26 per cent from Rs 25,334 crore a year ago," said Saxena.

TDS collection as on date in Mumbai zone stood at Rs 22,914 crore as against Rs 21,811 crore in the corresponding period last year, a growth of 5.06 per cent.

The zone has collected Rs 13,350 crore in corporate taxes this year so far as against Rs 10,095 crore a year ago.

However, personal income tax collection has been down a notch so far from the Mumbai zone at Rs 13,694 crore so far, down from Rs 13,855 crore in the corresponding period of 2014-15.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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