tax collection

Every Scrap sale not liable to Tax Collection at Source (TCS)

Income Tax - As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,...

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CBDT Strategy for Improving Advance Tax Collection for 2016-17

Income Tax - Following upon recent amendments in the Act that have advance tax connotations: As per provision of section 43CA of the Income-tax Act, 1961, Real Estate companies have to be assessed on a turnover (based on stamp duty value or circle rate) in respect of all transactions relating to land or building or both. This will have an impact in c...

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How CBDT plans to add new Taxpayers in 2016-17

Income Tax - The key result areas for widening of tax-base are as under: (i) Improving compliance to TDS/TCS Provisions (ii) Effective collection of information about high value transactions (iii) Efficient handling of information without valid PAN (iv) Ensuring compliance from identified non-filers through various methods...

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CBDT Strategy for Recovery of Arrears of Tax Demand for 2016-17

Income Tax - Since the very beginning, the focus needs to be on the reduction of Arrear Demand by de-duplication of the entries and cleansing the arrear demand data. Priority should be accorded to reduce entries of amounts less than Rs. 10000/- and those pending for more than 2 years. These steps have already been reiterated in the SOP several times. ...

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Why should I pay tax?

Income Tax - The citizens of India are required to pay Income tax as well as other taxes as per law.  1.  Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost […]...

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Direct Tax Collections up to July, 2017 show Growth of 19.1%

Income Tax - The Direct Tax collections up to July, 2017 continue to register steady growth. Direct Tax collection, net of refunds, stands at Rs. 1.90 lakh crore which is 19.1% higher than the net collections for the corresponding period of last year....

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25% growth in number of Income Tax Returns filed

Income Tax - Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns ...

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Direct Tax Collections up to June, 2017 registers Growth of 14.8%

Income Tax - Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs. 1,42 Lakh crore registering a Growth of 14.8% higher than the net collections for the corresponding period of last year; Net direct tax collections represent 14.5% of the total Budget Estimates of Rs. 9.8 lakh crore for Direct Taxes for F.Y. 2017-18. […]...

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CBDT accomplishes Direct Taxes Collection Target for F.Y. 2016-17

Income Tax - The provisional figures for revenue collections up to March, 2017 show a gross Direct Tax collection of Rs. 10.09 lakh crore. The net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2% higher than the net collection for the corresponding period last year. With this the CBDT has accomplished 100% of the direct t...

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CBEC accomplishes Indirect Taxes Collection Target for F.Y. 2016-17

Income Tax - The indirect tax collections (Central Excise, Service Tax and Customs) in FY 2016-17are at Rs 63 lakh crore, which is 22.0% higher than the actual revenue receipts in FY 2015-16. Till March 2017, about 101.35% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved....

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CBDT fixes collection Target- Jan-March dedicated quarter for Recovery

F. No. 385/17/2016-IT (B) - (06/01/2017) - Time-barring date of scrutiny assessment was advanced to 31st December to provide assessment units with a dedicated quarter for recovery of demand raised. ...

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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular No. 23/2016-Income Tax - (24/06/2016) - Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if t...

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Net Direct Tax Collections During April-June 2012 up by 47.16%

PRESS RELEASE NO. 402/92/2006-MC (13 OF 2012) - (09/07/2012) - Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase of 3.48 percent and stood at Rs. 70,594 crore as aga...

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Net Direct Tax Collections Register Growth of 20.37 Percent During April 2010 –January 2011

Income Tax Press release - (07/02/2011) - Net direct tax collections during the period April 2010 to January 2011 stood at Rs.3,17,501 crore, up from Rs.2,63,765 crore in the same period last fiscal, registering a growth of 20.37 percent. Growth in Corporate Income Tax was 24.78 percent (R...

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Recent Posts in "tax collection"

Direct Tax Collections up to July, 2017 show Growth of 19.1%

The Direct Tax collections up to July, 2017 continue to register steady growth. Direct Tax collection, net of refunds, stands at Rs. 1.90 lakh crore which is 19.1% higher than the net collections for the corresponding period of last year....

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Posted Under: Income Tax |

25% growth in number of Income Tax Returns filed

Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns ...

Read More
Posted Under: Income Tax |

Direct Tax Collections up to June, 2017 registers Growth of 14.8%

Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs. 1,42 Lakh crore registering a Growth of 14.8% higher than the net collections for the corresponding period of last year; Net direct tax collections represent 14.5% of the total Budget Estimates of Rs. 9.8 lakh crore for Direct Taxes for F.Y. 2017-18. […]...

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Posted Under: Income Tax |

CBDT accomplishes Direct Taxes Collection Target for F.Y. 2016-17

The provisional figures for revenue collections up to March, 2017 show a gross Direct Tax collection of Rs. 10.09 lakh crore. The net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2% higher than the net collection for the corresponding period last year. With this the CBDT has accomplished 100% of the direct t...

Read More
Posted Under: Income Tax |

CBEC accomplishes Indirect Taxes Collection Target for F.Y. 2016-17

The indirect tax collections (Central Excise, Service Tax and Customs) in FY 2016-17are at Rs 63 lakh crore, which is 22.0% higher than the actual revenue receipts in FY 2015-16. Till March 2017, about 101.35% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved....

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Posted Under: Income Tax |

Indirect Tax Collections up to February, 2017 show Growth of 22.2%

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to February 2017 show that net revenue collections are at Rs 7.72 lakh crore, which is 22.2% more than the net collections for the corresponding period last year. ...

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Posted Under: Income Tax |

Direct Tax Collections up to February, 2017 show Growth of 10.7%

Direct tax collections up to February, 2017 continues to show a steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore which is 10.7 % more than the net collections for the corresponding period last year. ...

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Posted Under: Income Tax |

Indirect tax collections upto January 2017 shows positive growth

During January 2017, the net indirect tax grew at the rate of 9% compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was 10.1%, 26.3% and 9.4% respectively during the month of January 2017, compared to the corresponding month last year....

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Posted Under: Income Tax |

Direct Tax Collections for January, 2017 show Growth of 10.79%

Direct tax collections up to January 2017 show a consistent growth trend. The collection net of refunds stands at Rs. 5.82 lakh crore which is 10.79% more than the net collections for the corresponding period last year...

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Posted Under: Income Tax |

Direct Tax Collections up to December, 2016 show Growth of 12.01 %

The figures for Direct Tax collections up to December, 2016 show that revenue net of refunds is Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding period last year. This collection is 65.3% of the total Budget Estimates of Direct Taxes for Financial Year 20 16-17....

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Posted Under: Income Tax |
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