Indian Economy booming - Direct tax collection up 15 percent

(posted under Direct tax collection, Indian economy updates) - collection of direct taxes during the first quarter of the current fiscal increased by over a full 15 per cent, driven mainly by higher realisation from the corporate sector.

The higher realisation of direct taxes, which mainly include corporate tax and income tax, went up to Rs 68,675 crore, as against Rs 59,465 crore during the corresponding period last fiscal.

According to the figures released by the Finance Ministry here today, corporate tax collection, which is a reflection on the performance of India Inc, soared 21.65 per cent to Rs 43,439 crore during the reporting period. The government expects to mop up Rs 4.3 lakh crore by way of direct taxes during the current fiscal, an increase of over 13 per cent over the year-ago period.

Direct tax receipts up by 5.8% in April/May 09

(Direct tax collection updates) - India's April-May direct tax receipts grew by 5.77 per cent from a year earlier to Rs 241.58 billion, the Central Board of Direct Taxes said in a government statement on Friday.

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Corporate tax receipts rose 5.56 per cent to Rs 85.78 billion rupees in the first two months of 2009/10, while income tax collections were up by 5.92 per cent to Rs 155.59 billion, it said.

"Growth during the month of May 2009 was 16.88 per cent at Rs 11,919 crore (119.19 billion) against Rs 10,198 crore, as against a negative growth of 3.19 per cent for the month of April 2009," it added.

Govt finds Rs 1,200 crore in frozen demat accounts

The I-T department has found over Rs 1,200 crore lying unaccounted in lakhs of frozen demat accounts across the country and has sought a detailed probe on the possibility of their use for illegal transaction and tax evasion.
The department has now sent the reports of such accounts to the respective Chief Commissioners of Income Tax (CCITs) in various parts of the country to check the veracity of such accounts in their regions.

More than 6.5 lakh frozen demat accounts were taken under scanner and investigated by the Income Tax Department in December last year on the suspicion of huge evasion of taxes and 'benami' transactions.

According to official sources, the CCITs have been asked to serve notices to all the account holders and report unclaimed accounts so that such accounts can be seized.

All the I-T Commissioners have also been asked to prepare "detailed reports" on the transactions of these accounts.

Official sources said that distinction between claimed and unclaimed accounts will help the authorities to proceed with further probe or seizure procedures respectively, as these accounts could lead to links to further cases of tax evasions and unreported economic transactions.

Direct tax collection Rs 3.37 lakh crore

(27/4/2009 - Indian Direct tax updates) - The direct tax collection during the last fiscal year 2008-09 was to the tune of Rs 3.37 lakh crore against Rs 3.12 lakh crore in financial year of 2007-08, a top revenue official said on Monday.

"The tax collection was, however, short of budgetary estimates of Rs.3.45 lakh crore. Similarly, the indirect tax collection was Rs 2.65 lakh crore as against Rs 2.81 lakh crore in previous year, Secretary, Department of Revenue, New Delhi, P V Bhide told reporters.

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Bhide, who was here to attend the passing out of 61st batch of Indian Revenue Service (IRS) at the National Academy of Direct Taxes (NADT), said the cut in duty taxes reduced the indirect tax collection.

Speaking at the valedictory function of induction course of 61st batch, Bhide called upon the young officers to be honest and strive for tax administration while their primary responsiblity is tax collection.

Treat the income tax assessee as a client and not a criminal, he advised. The new tax code was being readied and would be brought in soon, he said.

posted under - Direct tax, direct taxes updates, pay direct tax, indian economy updates, direct taxes 2008-09, tax updates 2008-09