Direct tax collection up by 40.55 pc during Apr-Oct

Direct tax collection up by 40.55 pc during Apr-OctNew Delhi, Nov 6: Despite industrial slowdown,direct tax collections have gone up by 40...

New Delhi, Nov 6: Despite industrial slowdown,direct tax collections have gone up by 40.55 per cent to Rs. 29,158 crore in the first seven months of the current fiscal.

Corporation tax posted a 36.63 per cent growth at Rs.14,255 crore while income tax was up by 43.70 per cent to Rs. 14,894 crore during the first seven months.

Story continues below this ad

With direct taxes going up by 40.55 per cent, thegovernment is confident of achieving a growth target of 28-29 per cent in direct taxes by mopping up Rs. 72,000 crore by the end of this fiscal, Central Board of Direct Taxes chairman A Balasubramanian told reporters after signing the Double Taxation treaty with Ireland here today.

He said the advance tax collection has gone up 10-15 percent in the last few months. It was slated to increase at a higher rate from the month of December, he added.

The tax compliance rate is also expected to increase thisyear with restructuring and computerisation exercise now under way in the department, Balasubramanian said.

With better compliancy, the number of pending cases indirect taxes would also come down, he said.

'Remain in US, avoid travel': Microsoft, JP Morgan, Amazon advise visa holders to return before Trump’s $100,000 H-1B fee deadline

‘Stay in US, avoid travel’: Firms advise H-1B visa holders to return before fee deadline

World34 min ago

Microsoft and JP Morgan have warned their employees on H-1B and H-4 visas to return to the US before September 21 due to President Trump's new visa fee rules. Amazon has also advised against international travel. The policy includes a $100,000 annual surcharge on H-1B visas and has caused market fluctuations. It will be in effect for at least 12 months.

View all shorts

Live Blog