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: ACCOUNTING STANDARD :: due date for vat payment :: cpt :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company
 
 
« General »
 Tax Department To Launch 2nd Phase Of Bank Accounts' Scrutiny Next Month
 How to claim tax benefit on tuition fees under Section 80C
 Online Income Tax grievance redressal facility launched at 60 offices
 Demonetisation impact on government tax revenue marginal; direct tax personal income grew at above budget estimates
 ICAI seeks more accountability, transparency in defence sector
 Will Budget help double farmers’ income?
 Verify online deposits made post demonetisation, income tax department asks taxpayers
 Union Budget 2017: Best budget is do not change anything, do no harm, implement well
 Why salaried class deserves standard deduction
 3 new taxes that Modi government could introduce, but won't
 Tax gains may showcase demonetisation windfall

TDS mopup rises 8% in Apr-Sept
September, 21st 2009

Tax deducted at source (TDS) collections in Mumbai for the April-September period have crossed last years figure with income-tax collections showing an 8% increase, according to figures available till last week.

Income-tax officials said if the economic recovery continues for the remaining part of the current fiscal year, TDS collections as well as regular tax collections could end up on a higher note.

Mumbais TDS collections, a major portion of which comes from salaries and contract payments, totalled Rs 21,510 crore till last week. The corresponding figure last year was Rs 19,888 crore.

TDS typically constitutes a significant portion of corporate tax collection. Nearly 30-40% of the tax collected is usually by way of TDS. In the last fiscal year, 40% of the tax collected from Mumbai was from TDS. This was largely due to the special drive carried out last year by the TDS Commissionerate, for augmenting tax collection.

It was during this time that the commissionerate for TDS sent a tax demand of Rs 900 crore on General Insurance Company and other non-life insurance companies, asking them to pay tax on commissions paid for reinsurance.

Interestingly, TDS collection last year had its highs and lows. While it went up by 70% till September last year when the economy was on high gear, it slid sharply during the rest of the fiscal after the Lehman Brothers collapse triggered a worldwide slide in the credits market.

It was still up by about 6% by December 2008, but despite efforts made by the Income-tax department to halt the fall, TDS collections fell by 10% towards the end of the fiscal year. The Mumbai income-tax department which was expected to collect Rs 150,000 crore, couldnt cross even Rs 120,000 crore.

According to people connected with the income-tax department, actions carried out last year to bring under the tax net, defaulting companies and companies who wanted to stay out of the TDS net, has had a positive effect this year too. If the economy continues to tread the recovery path, TDS figures for the current fiscal could be still higher, officials said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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