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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: cpt :: empanelment :: ACCOUNTING STANDARD :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TDS :: VAT Audit :: articles on VAT and GST in India
 
 
Direct Tax »
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased

Direct tax surges by 38% in April-Aug 2008
September, 12th 2008

The CBDT or the Central Board of Direct Taxes is all smiles as the Centre's net direct tax collections grew by a hefty 38% during April-August 2008, when compared to the same period last year.

All-India direct tax target of the Income Tax department for 2008 stands at an imposing Rs 4 lakh crore. But if one were to go by recent collections, this target doesn't seem out of reach.

Net Direct Tax Collection

Period (April-Aug)     Amount (Rs crore)
2007                               61,030      
2008                               84,409

During the period April-August 2008, the net direct tax collections stood at Rs 84,409 crore, up 38.31% from Rs 61.030 crore in the same period last year. The tax net is definitey widening but what has chiefly contributed to it?

Pankaj Jain, Managing Partner, Khandelwal Jain & Company said, "Since more and more people have to get their permanent account numbers for doing more transactions in the banking circles, they are coming within the tax net. At the same time, efforts are taken by the department in increased surveys which they are doing. They are trying to see that the compliances are being made by the high tax payers. The people who have been paying lesser amount of taxes are now paying more amount of taxes."

Avoiding legal hassles

Industry observers add that in the recent past, the taxman has frequently bordered on rampant and unreasonable litigation. Consequently, corporate India seems to have mellowed down.

Uday Ved, Head - Tax, KPMG India said, "There is a lot of litigation on both corporate tax related issues but more importantly on transfer pricing. There was a recent litigation on Vodafone and a couple of other companies. The corporates generally want to buy peace and the approach is to have the least litigation as might be possible. Considering these kind of litigation issues, corporates voluntarily want to estimate a fair income and pay a little bit more tax and reduce the litigation so that they can focus more on business."

According to sources, the second instalment of advance tax payments, due on September 15 will gauge the sustainance of the surge in tax collections but the real challenge the taxman faces is companies who defer such payments to coming quarters.

 
 
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