Income Tax : Discover why paying taxes is crucial for national development and how it contributes to public services and infrastructure....
Income Tax : Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure ...
Income Tax : 1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the ti...
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 ...
Income Tax : The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified r...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : Analysis of tax collection and economic growth post corporate tax cuts. Includes year-wise revenue, benefits for industries, and i...
Income Tax : Corporate tax collections rose to 3.1% of GDP in FY 2023-24. Learn about tax rate reductions since 2019 and revenue foregone of â‚...
Income Tax : India's gross direct tax collection for FY 2024-25 grew by 19.94% as of January 12, 2025, with net collections increasing by 15.88...
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
Income Tax : This Court finds that when the petitioner had agreed to comply with the payment of disputed tax at the rate of Rs. 50 lakhs per mo...
Goods and Services Tax : The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21...
Income Tax : The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is...
Income Tax : I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of ...
Income Tax : On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected...
Income Tax : Time-barring date of scrutiny assessment was advanced to 31st December to provide assessment units with a dedicated quarter for re...
The finance ministry expects to overshoot its indirect tax collection target by Rs 15,000 crore. For 2010-11, the government had set an indirect tax collection target of Rs 315,000 crore. “We may exceed our original target…It (indirect tax mop-up) co
Customs, Central Excise and Service Tax revenue collections rose to Rs. 150686/- Crore during April-September 2010. Thus there is an increase of 44.4 percent in revenue collections at all India level during April-September 2010 as compared to corresp
The stagnancy in service tax payment by the country’s top mobile firms in the first five months of the fiscal is worrying the government. The reason being that while in the last two quarters profitability of the major operators have dipped and revenu
Indirect tax collections from Customs, Central Excise and Service Tax at all India level has increased more than 45% during April-August, 2010 compared to its corresponding period, i.e. April- August, 2009. Total Revenue Collections were Rs. 124170
The amount of excise duty collected from chewing tobacco Including Kara Masala, Kimam etc. during 2008-09 and 2009-10 is Rs. 916.63 crore and Rs. 1062.05 crore respectively. The excise duty collections from other tobacco varieties and products like cigarettes, bidis, cigars for the years 2008-09 and 2009-10 is Rs. 9798.75 crore and Rs. 10045.35 crore respectively.
Indirect tax collections grew by a whopping 43% in the first three months of the current fiscal, providing further testimony to a recovery in industrial activity that prompted International Monetary Fund (IMF) to raise its 2010 growth estimate for the country.
The Income Tax (I-T) department is targeting a tax collection of Rs 3,379 crore during the 2010-11 financial year in Lucknow, which covers the Uttar Pradesh (East) districts. During 2009-10, the department made net tax collection of Rs 2,888 compared with Rs 2,614 during the previous year.
Finance Minister Shri Pranab Mukherjee has asked Indian Revenue Service officials to consider tax payers as important stakeholders in nation building and to administer taxes with a human approach. He was addressing the 63rd batch of IRS trainees last evening.
The Income Tax department is giving special attention to tax deducted at source (TDS) as it aims to turn in the highest ever collection from the segment this financial year. During the last five years, the contribution from TDS had gone up from 33 per cent to 38.5 per cent of the net direct tax collection with an annual average growth of around 25 per cent.
Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provide better services to tax payers by 2020 when the direct tax reforms would be firmly in place. The apex direct tax body, Central Board of Direct Taxes (CBDT), has formed seven committees comprising senior revenue officials to come out with a draft Vision 2020 document that would delineate ways to increase tax collections in a non-intrusive manner.
