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: empanelment :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: VAT Audit :: cpt :: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: due date for vat payment :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

Honest taxpayer pays up, Govt makes merry
August, 01st 2008

The honest taxpayer has made the Government rich. The Centres direct tax collections may surpass indirect tax collections for the first time ever.

The Governments direct tax collections grew by 42.5 per cent last year and in 2008 it is expected to earn more. The numbers are impressive, as just 6 per cent of Indias working populationroughly about three crore peoplepay taxes. Of that only 5.62 lakh file returns showing incomes above Rs 10 lakh.

That doesnt mean all other Indians are too poor to pay taxes. The 2005 ACNielsen Shopper Trends survey says that the average monthly expenditure of Indians has been growing by a robust 14 per cent every year.

This means that the largest burden of personal income tax falls on salaried earners and on those few self-employed people who honestly declare taxable income.

Thus the demand for reduction in direct tax rates by taxpayers seems justifiable. But with agriculture, which comprises 18 per cent of India's GDP paying no taxes, it seems that the plea for rate cut is not practical.

Income Tax department officials say more than 3 crore people file their I-T returns this year compared to 2.5 crore in 200. E-filing of returns has also picked up. Last year only 1.6 lakh e-returns were received but this year the number is expected to cross the 13-lakh mark.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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