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: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: articles on VAT and GST in India :: form 3cd :: cpt :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 How many times one can revise tax returns?
 Income tax exemption for FY19
 How will the new provisions really work?
 How to save income tax? Best tips for young earners
 Forgot to verify your income tax return? Here's help
 Notification of Government e-Marketplace (GeM) under section 138 of the Income-tax Act
 Income tax returns can be filed even if you missed deadline
 What is the difference between a tax return and a tax refund?
 Improving tax compliance in India
 How to invest in the new LTCG tax regime
 5 Tips to help you save tax

Direct tax collections jump 47% in April-July
August, 08th 2008

Belying apprehensions of a slowdown, net direct tax collections grew by a whopping 46.95% in the first four months of the current fiscal (April-July 2008) to Rs 71,648 crore against Rs 48,765 crore in corresponding period of the previous fiscal. In fact, direct tax collections rose by 93% to Rs 14,275 crore in July, 2008, compared to Rs 7,365 crore in July, 2007.

Corporate tax collections grew by 50.08% to Rs 41,598 crore as compared to Rs 27,718 crore in April-July, 2007. Personal income tax collections including fringe benefit tax, securities tax and banking cash transaction tax were up by 42.82% to Rs 29,982 crore against Rs 20,993 crore during the corresponding period last year.

Growth momentum in direct tax collections should give some respite to the government, which had revised the 2008-09 target to Rs 3,95,000 crore. Direct tax collections have largely been driven by growth in tax deducted and tax collected at source revenue. TDS/TCS grew by 44.56% at Rs 45,935 crore against Rs 31,776 crore during the corresponding period previous fiscal. Growth in corporate TDS/TCS stood at a whopping 60.6 %.

Robust growth in direct tax collections is a result of tax education and compliance mechanism put in place by the Income Tax department in the area of TDS/TCS and indicates further improvement in tax administration and tax compliance levels, a Central Board of Direct Taxes (CBDT) statement said.

FBT was up by 44.34% to Rs 1,260 crore in the period under review compared to Rs 873 crore in the corresponding period previous fiscal. STT grew by 15.46% to Rs 2,164 crore against Rs 1,874 crore in April-July, 2007. BCTT rose by 33.75% to Rs 223 crore in April-July, 2008 against Rs 167 crore in the corresponding period previous fiscal.

Mumbai and Delhi recorded a growth of 36.33% and 76.40%, respectively, in direct tax collections. Other regions that witnessed high tax growth include Nagpur (77.80%), Kochi (58.08%), Kolkata (49.87%), Hyderabad (40.69%) and Bengaluru (40.25 %).

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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