« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR «  FIIs in tax haze on share sale... Corporate payments swell tax basket... » 'Tax revenues to cross $143 bn by 2010' June, 18th 2007 India's revenues from corporate tax, income tax, custom and excise duties, and service taxes will touch Rs.580,816 crore (Rs.5.80 trillion or $143 billion) by 2009-10, according to a study. Collections from corporate and service taxes as also income taxes would continue to be on the higher growth trajectory, said the study - "Tax Revenue: The Future Growth Path" - conducted by the Associated Chambers of Commerce and Industry of India (Assocham). "Service tax, which was imposed in 1994 with three services in its net, registered a growth of 9,200 percent between 1994 and 2006-07. However, in 2006-07, the service tax was imposed on 106 services," Assocham president Venugopal N. Dhoot said in a statement here Sunday. The total revenue earned during 2006-07 from service taxes was Rs.381.69 billion. The study also noted that there has been an increase in tax compliance as a result of simpler tax administration and increased economic activities. In 1992-93, the government collected Rs.78.88 billion worth of revenues from income tax, which rose to Rs.825.10 billion in 2006-07. And according to the chamber, this has been possible "due to better tax compliance and increased number of taxpayers and much lesser harassment from authorities concerned". Volumes of tax collection from excise and custom duties have also increased significantly - by 280 percent. "The excise duty's share in the total tax revenue, which was 41.3 percent in 1992-93, declined to 25.1 percent in 2006-07. The customs duty's share in the total tax revenue, which was 31.9 percent in 1992-93, fell to 17.5 percent in 2006-07, as a result of massive structuring on excise and customs," Assocham said. Increased economic activity coupled with growth in the number of industrial units has contributed to increased revenue collection from taxes.