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
Direct Tax »
  CBDT notifies new communication scheme
 CBDT proposes changes to three IT forms, seeks public suggestions
 CBDT proposes amendments to three IT forms, invites public suggestions
 Income tax returns filing: This is what taxpayers must mention
 CBDT dedicates fortnight for pending appeal effect
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 Special provisions of the Income Tax law: Are all incomes created equal?
 Top 5 reasons why you could be paying more tax
 Income Tax Alert! Top 5 reasons why you could be paying more tax
 7 Documents You Need To File Your Income Tax Return

Mumbai I-T Department nears targeted 17% rise in direct tax mop-up
September, 18th 2014

The Income Tax Department, which is gunning to mop up Rs 2.30 trillion from the financial capital this fiscal, today said the September quarter collections are close to the targeted 17 per cent growth.

"The numbers are positive, we are close to the target of 17 per cent growth over the same period previous fiscal," a senior official told reporters.

The official, however, refused to share details which will justify the claim. Details of collections from the top-100 corporates, which are generally shared by the department to illustrate trends, were also not shared with the media.

During the past two quarters too, the department officials refused to share the payout details.

However, new-age private sector lender Yes Bank came out with a statement announcing a 20.18 percent jump in its outgo to Rs 238 crore during the quarter.

According to sources, mortgage major HDFC paid 13.08 per cent more tax in the reporting quarter at Rs 735 crore as against Rs 650 crore a year ago.

The Mumbai circle, which contributes the lion's share of the total direct tax collections in the country, is targeting a 17 per cent increase over last year at Rs 2.30 trillion.

The direct tax collection target for the fiscal is Rs 7.36 trillion.

Advance tax is a system of staggered payment of taxes by high earning corporates and individuals spread across four quarters. In the second quarter, corporates pay 30 per cent of their year's overall tax outgo. It is generally taken as a barometer of a company's performance for a particular period.

After two years of sub-5 per cent growth, industry watchers are keenly looking for the promised green-shoots to emerge.

Even though the first quarter growth came in at a healthy 5.7 per cent, data releases like last Friday's IIP numbers, which slipped to four-month low in July at 0.5 per cent as against 3.4 per cent in the previous month, and today's tepid growth in exports at 2.35 per cent in July, have led many to question if the momentum is sustainable. The Reserve Bank Governor Raghuram Rajan today said this is an "uneven recovery".

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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