Latest Expert Exchange Queries

Make 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) | 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 :: Central Excise rule to resale the machines to a new company :: form 3cd :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Direct Tax »
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation
 Income Tax Return (ITR) Filing: Common Mistakes That Could Get You A Tax Notice
 Income Tax department asks tax practitioners to register entities separately

Tax target tough to realise, says CBDT
September, 08th 2011

Till the other day, the Central Board of Direct Taxes (CBDT) was confident about meeting the direct tax collection targets. Now, though, it has turned apprehensive. Reason: Sluggish performance of manufacturing and other industry sectors.

The indications, as a senior CBDT official said, are that the tax collection would be under pressure in the coming months. It will be difficult to meet the target of collecting 10 per cent more than the budget estimate fixed by Finance Minister Pranab Mukherjee, he told Business Standard.

Nonetheless, additional efforts being made this year for enhancing revenue realisation could help the income tax department help achieve the budget target of Rs 5.33 lakh-crore, he added. The department is now pinning its hopes on the second instalment of advance tax payment due on September 15.

The sentiments expressed by the industry in last few weeks are not very encouraging, said the CBDT official. The advance tax payments till September 15 will provide a clear indication on the trend in coming months, he pointed out, adding that refunds in the initial months of the current financial year had also impacted the net direct tax collection in a major way.

The net direct tax collections during this April-July declined 8.1 per cent to Rs 78,679 crore, against Rs 85,647 crore in the same period of 2010-11. The decline was due to a 183.2 per cent rise in tax refunds, which stood at Rs 53,863 crore till July, against Rs 19,021 crore in the same period last year. Gross direct tax collections during the April-July period rose 26.63 per cent to Rs 1,32,542 crore, against Rs 1,04,668 crore in the corresponding period of 2010-11.

As part of its strategy to boost tax mop-up, the CBDT has decided to monitor advance tax collection by identifying cases where additions were confirmed in first appeal. It has also asked the chief commissioners to monitor advance tax payments of top cases.

Assigning quarterly targets for disposal of pending cases, recovery of arrear demand by identification of actionable cases, augmentation of TDS (tax deducted at source) revenue and survey of selected business segments are among the other steps taken by CBDT to achieve this objective.

The department has also decided to step up cross-verification of data collected through annual information return (AIR) with the return of income and issuance of notices in the cases where there was a possibility of tax evasion.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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