Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year
 ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year
 Income Tax Filing: 10 necessary guidelines that you must be aware of
 Why you should file your income tax returns before July 31
 What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
 Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?
 What should you do if your Form 16 data doesn't match your ITR prefilled form?
 Check your Form 26AS, AIS carefully for error-free income tax return filing
 10 ITR filing mistakes which can cost taxpayers dearly
 Income Tax Return (ITR) Filing Deadlines FY 2023-24: A Quick Guide for Different Taxpayers
 ITR Filing FY24: 6 key points taxpayers must know as July 31 deadline looms large

Advance tax kitty swells 38.5% to Rs 59,393 cr
December, 21st 2006

Its definitely a merry Christmas for Finance Minister P Chidambaram. The governments advance tax collections grew by 38.5% in April-December 18, 2006.

Total direct tax collections grew 42.5% against the Budget growth target of 27.5%. With such buoyancy, the government may well be on its way to overshoot the budget target.

Led by the oil companies who came out of red due to the dip in global crude prices and the government-issued bonds, India Inc has been on a roll with manufacturing and services contributing to the tax kitty. The corporate advance tax collections were Rs 59,393 crore in April-December 18, 2006, up 38.5% over last years collection of Rs 42,881 crore.

In fact, the corporate advance tax collections in December 2006 (up to December 18) grew 46.4%, indicating a continued robust performance by India Inc. Advance tax is paid in 4 instalments, 15% by June 15, 30% by September 15 and 30% by December 15 and 25% by March.

So on the corporate front, the government gets 75% of the tax till December. These numbers set the course for changes in tax rates and other measures in the Budget. The net direct tax collections till December 18 were Rs 1,33,461 crore, up 42.5% over last year. The budgetary estimate for direct taxes is Rs 2,10,419 crore for 2005-06.

Corporate taxes rose 51.2% at Rs 83,614 crore in the period under review. Personal income tax, including fringe benefit tax, rose 26.6%.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting