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 :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Want To File Revised Income Tax Return? Or File Belated Return? 5 Things To Know
 Deadline for filing revised or belated income tax return for past two assessment years is March 31
 Quarterly GST returns filing may be extended to all companies
 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?

I-T dept gears up to meet target
September, 21st 2009

The Income Tax department is monitoring advance tax collection of top assesses and of those companies who had paid high self-assessment tax last year to improve collections and meet enhanced target of Rs 4 lakh crore this year.

Despite growth in tax collection was lower than expected, government has increased the direct tax target from Rs 3.7 lakh crore of the Budget estimates to Rs 4 lakh crore for this financial year. A senior official of the Central Board of Direct Taxes (CBDT) said the department has drawn up a strategy in view of the new target and would keep a close watch on quarterly results of advance tax payers.

The investigation wing of the department has been asked to increase surveys and search operations to mop up additional tax from such actions. In the last financial, the department had collected around Rs 30,000 crore as a result of this exercise.

Though direct tax collection was quite low last year due to the slowdown, on an average, it has grown at an annual rate of 27% in the last five years and has more than trebled from Rs 1,05,088 crore in 2003-04 to Rs 3,38,212 crore in 2008-09, increasing its share from 4% to 6% of the GDP. Direct tax collection during 2008-09 was Rs 3.38 lakh crore, up from Rs 3.12 lakh crore during 2007-08, registering a growth of 8.3%.

This year, the government hopes to mop up an additional Rs 10,000 crore with the hike in the rate of Minimum Alternate Tax from 10% to 15%. Provisional figures available for advance tax payment for second quarter have shown encouraging results. Companies from sectors like oil and gas, auto, IT and banking have all paid higher advance tax indicating improved sales and profitability.

Before the slowdown, in September 2008, annual tax growth was 30%-40%. But with the close of 2008-09, net direct tax collection has grown only by 8.33%.

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

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