News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
« Direct Tax »
 Income tax exemption on sovereign wealth funds' income from infra investment: CBDT
 Income tax department amends TDS form, makes it more comprehensive
 New TDS rules: How much tax is deducted for making cash withdrawals from bank
 E-Way Bill portal will not be available July 5th during 1AM to 5AM: CBIC
  Can you file your ITR now? Income Tax Return Forms are available
 Notification No. 36/2020 CENTRAL BOARD OF DIRECT TAXES
 Aadhaar-PAN linking to ITR filing, 8 financial deadlines extended recently amid COVID-19 outbreak
 Conveyance for official tours, transfers, daily travel to be tax-free in new tax regime
 Notification No. 33 Central Board of Direct Taxes
 How to pre-validate your bank account ITR filing
 Short-staffed, government struggling to fill vacancies in CBDT and CBIC

CBDT has high expectations from the services sector
September, 28th 2010

The Central Board of Direct Taxes (CBDT) has high expectations from the services sector. It expects the sector to drive greater growth in advance tax collections in the October-December quarter. However as reports, underperforming sectors could pose an obstacle.

Balanced tax collection from India Inc will be crucial if the CBDT has to meet its annual collection target of Rs 4.30 lakh crore. The worry is that some of the traditionally strong contributors to tax revenues have been underperforming of late.

Shankar said, These are the two major contributants who contribute to whether we meet our targets or don't meet our targets. Banking, especially State Bank of India and other PSU banks. Oil is a very major contributor and I am really hoping that they will pull up their socks.

The board is also optimistic of an improved performance from the Mumbai circle. Remember, collections from this circle had dropped below the national average recently, drawing comment from the Finance Minister.

Shankar added, The current years collections will see an enhancement of revenues generated from Mumbai charge of 18% over last year. If that is so, I will be very happy.

The board is also betting on a strong showing from the tertiary sector to keep the ball rolling.

I especially have high expectations from the service sectorso lets seeI am hoping that the December installment will see a greater growth across the spectrum, Shankar said.

And if all goes as per plan, these higher revenues should help the Finance Minister boast of a significant decline in fiscal deficit when he presents his budget in February.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting