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: due date for vat payment :: empanelment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: cpt :: articles on VAT and GST in India :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
 
 
Direct Tax »
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements

Direct tax collection signals recovery
September, 09th 2009

Here are some statistics that clearly suggest that the economy is recovering from the downturn. The total direct tax collected from all over India in the April-to-September period has matched last years growth in collections, indicating that concerns of a lower mop up due to reduced corporate earnings are unfounded.

The all India figure for direct tax collection till September 5, totalled Rs 90,039.7 crore, while the comparative figure for the corresponding period last year was Rs 88,588.9 crore.

While direct tax collection had grown by more than 70% in the same period last year, it was followed by a steep decline in tax collection for the rest of the year as the Lehman Brothers collapse and the resulting financial meltdown took its toll. The shortfall in tax collection later stood at about Rs 60,000 crore.

While lower corporate profitability was widely expected to lead to lower tax outgo, the growth in collections is being read by tax professionals, as a certain sign of recovery in the economy.

Though the last date of the second installment of advance tax is due on September 15, some amount of tax such as self assessment tax and TDS is paid in the beginning of September. Usually, the trend is visible in these early figures.

Advance taxes are paid in four installments in June, September, December and March. Under normal circumstances, the trend till September continues till the end of the fiscal year, provided nothing unusual happens in the rest of the year.

The finance ministrys projection for direct collection in the current fiscal year is about Rs 400,000 crore. Direct tax collected from Mumbai, which accounts for over 35% of the all India direct tax collection, saw a 4.4% increase over the year-ago figure, to Rs 34,943 crore. This included revenue from advance taxes, self assessment taxes and regular assessments.

The Delhi Commissionerate, on the other hand, which raised Rs 12.073.5 crore fell 17%. However, collection from the Ahmedabad commissionerate went up by 22.6% to Rs 3,752.6 crore. Bhopal has recorded a 240% increase in collection to Rs 1,237 crore.

Revenue from the commissionerates of Chennai, Hyderabad, Kolkata, Chandigarh, Meerut, Bhubaneswar, Jaipur, Kochi, Lucknow and Kanpur showed significant growth over the year ago figures. However, Meerut, Bangalore and Patna showed a negative growth, according to statistics from the tax department.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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