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
Latest Expert Exchange
News Headlines »
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

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