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
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

Higher salaries trigger 44% rise in TDS
June, 23rd 2007
Thanks to buoyancy in tax deducted at source (TDS), net direct tax collections shot up 53% to Rs 41,412 crore till June 21 in the fiscal ending March 31, 2008.

TDS collections rose 44.5% to Rs 23,774 crore between April 1 and June 21 this fiscal when compared with Rs 16,453 crore in the same period last year.

"Higher TDS collections were due to overall buoyancy in the economy, better pay packages in the private sector, more investment and expenditure," an Income Tax department official said.

Corporations paid 26% more in advance taxes at Rs 17,514 crore as against Rs 13,884 crore in the same period of the last fiscal.

Gross direct tax collections were up 26% at Rs 49,371 crore during the period under review as against Rs 39,203 crore in the same period a year ago.

Besides increase in overall collections, lower refunds so far this year also contributed to the high growth in net collections. Refunds were down 53% to Rs 7,959 crore from Rs 12,207 crore in the same period last year.

Direct tax collections are expected to be the top revenue grosser this year replacing the dominance of indirect taxes. The direct tax to GDP ratio will also be higher than the indirect tax to GDP ratio this fiscal.

Direct tax collections, which rose a whopping 39% in 2006-07, have grown by an average 29% in the last four years compared to the 17% growth in indirect tax collections.

As per the average growth experienced in recent years, direct taxes could fetch Rs 2,96,817 crore, while indirect taxes would generate Rs 2,83,638 crore in 2007-08. The Budget estimate for direct tax collection is Rs 2,67,490 crore for 2007-08. Going by the strong growth so far this fiscal, direct tax collection is likely to be close to Rs 3,00,000 crore in 2007-08.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting