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: articles on VAT and GST in India :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS
 
 
Direct Tax »
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal
 Tax recovery from Swedish majors in payment dispute put on hold

Government breathes easy as direct tax collections rises 26% till
September, 12th 2011

The direct tax collections rose 26% in the first five months of the current fiscal, belying fears of a drop in government revenue because of the slowdown.

The 2011-12 budget has assumed a 19% increase in direct tax collections. However, net tax collections were down in April-August 2011-12 to Rs 96,738 from Rs 100,113 crore from a year ago because of a 154% increase in tax refunds, data released by finance ministry on Thursday showed.

The decline in net collections, the amount Centre gets to keep after giving states' their share, will put pressure on government's finances. The finance ministry has pegged the fiscal deficit for the current year at 4.6% of GDP, but has already exhausted 55% of that limit in the first four months.

Opportunity to Make MoneyStart trading forex online now. Open an account for free!

Tax filingHassle free tax filing through Income Tax Online Online Income Tax India's economy expanded only 7.7% in the first quarter, down over a percentage points from 8.8% expansion in the corresponding quarter last year. "Huge tax refunds mean that, the advance taxes paid by the corporate sector based on their expectations of growth have to be returned as their expectations didn't materialize", said Sunil Sinha, senior economist, CRISIL, a rating agency.

This would mean that corporate tax collections should drop going ahead. Gross corporate tax collection was up 29.7% at Rs 96,597 crore against Rs 74,463 crore last year. Gross personal income tax collections rose 20% to Rs 57,582 crore. "On the whole, the government will miss its fiscal deficit target by 0.4-0.5%. Due to the slowdown in GDP, the tax collection will be hit," said Sinha.

The finance ministry is still maintaining that it will stay within the budgeted deficit, confident that its tax department will raise 10% more revenue than budgeted.

"First quarter trends reflect that the government would be able to meet the deficit targets as set in the Budget Estimates"- the ministry said in its quarterly review of the receipts and expenditure tabled in Parliament earlier this week.

It has attributed the fall in net collections to front-loading of tax refunds and expects this will even itself out over the entire fiscal. The government refunded.`57,622 crore of taxes in the first five months against Rs 22,505 crore in the same period last fiscal.

The indirect tax collections were up 27% in April-July 2011-12 over the year-ago period, indicating that the sharp deceleration in the industrial growth is yet to impact government revenues.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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