tax collection - Page 13

Only 6.74 lakh claims for refund of income-tax pending with I-T Department, Tax refunds pull down net direct tax collection by 8 percent

Only 6.74 lakh claims for refund of income-tax are pending with the I-T Department after it launched a special drive to clear the pendencies, Parliament was informed today. Responding to a query in the Lok Sabha, the Finance Minister, Mr Pranab Mukherjee, said while the department does not maintain records on the quantum of income-tax ref...

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Posted Under: Income Tax |

Income Tax department continues to enjoy the power to tap telephone conversation

The Income Tax department today said it continues to enjoy the power to tap telephone conversations, as was given to it earlier in 2006. Power of interception stays with the CBDT and there is no change in the factual background when the power was given in 2006, and at present circumstances are identical, Sudhir Chandra, the outgoing chair...

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Posted Under: Income Tax |

Income Tax Department aims to disburse refunds of over Rs 1 lakh crore this fiscal – CBDT

The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. We intend to refund approximately Rs 1 lakh crore this fiscal, the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra said here while exuding confidence of achiev...

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Posted Under: Income Tax |

Finance Min may go slow on Income Tax refunds

Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here....

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Posted Under: Income Tax |

CBDT targets tax collection of Rs 5,30,000 for the year 2011-12

Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 crore but we revised it to Rs.446,000 cro...

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Posted Under: Income Tax |

India's tax collection jumps 26 pc till March 12

India's tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up. The total tax collection till March 12 of the current fiscal has shown a growth of around 26 per cent over 2009-10 a...

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Posted Under: Income Tax |

Govt hopes to exceed indirect tax collection estimate

Ahead of Union Budget, the government today said it hopes to exceed the indirect tax collection estimate of Rs 3.36 lakh crore for this fiscal in view of the buoyancy in the economy. ...

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Posted Under: Income Tax |

Govt mulls tighter international tax norms

The government is considering tightening taxation norms for Indian companies having intermediary holding entities in overseas locations, as part of its efforts to increase its tax revenues....

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Posted Under: Income Tax |

Growth in GDP at Market Prices at 9.7 Per Cent for 2010-11

Union Finance Minister Shri Pranab Mukherjee said that the growth in GDP at market prices at 9.7 per cent for 2010-11 reflects buoyancy in our tax collections. Shri Mukherjee was reacting to the Advance Estimates of National Income for 2010-11 releas...

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Posted Under: Income Tax |

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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