« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  First large tax-payer unit from October 1... Act lacunae may help offenders go scot free... » CBDT eyes Rs 69,548 cr from Mumbai July, 18th 2006 The Central Board of Direct Taxes has set a Rs 69,548-crore direct tax collection target from the Mumbai zone for the current financial year. This is almost 20 per cent higher than last years target of Rs 57,700 crore, of which the department could only collect Rs 53,000 crore.    According to Indira Bhargav, the new chief commissioner of Mumbai zone, the department has already worked out a comprehensive action plan to meet the target.    Unlike previous years, the assessment and orders this year are time-bound till December and so the collections have to be made by March 31.    Earlier, the date of assessment was March 31 and collections could not be pursued rigorously as transfers of officials are done at the beginning of the financial year.    In Mumbai special provisions have been made to monitor the income derived from equity markets and corporates.    Thus, all returns filed for securities transaction tax will be put under scrutiny assessment. Pending assessment and appeals in cases of claim of export benefits under the DEPB licence will be completed expeditiously keeping in view the proposed amendment of Section 80 HHC.    Corporates liable for paying tax on distributed dividend will be monitored to ensure timely payment.    Further, in corporate cases where audit objections have been accepted by the department, orders will be issued faster for appropriate recovery.    The income tax department had clocked an annual collection of Rs 53,000 crore for the FY06 for the Mumbai zone, against a target of 57,700 crore.    In 2005-06, the advance tax payments for the fourth quarter had been a major contributor to the total annual collections for the department. Indian Oil Corporation paid Rs 542 crore, next only to Life Insurance Corporations Rs 655 crore.    The company has not paid taxes for the first and third quarter, except for a paltry sum of Rs 67 crore in the second quarter of 2005-06.    Interestingly, the company had paid Rs 1,384 crore as taxes in 2004-05.