Direct Taxes grow by 47% in four months of this fiscal

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..... Direct Taxes grow by 47% in four months of this fiscal - News and Press Release Dated:- 6-8-2008 - News - Net direct tax collections in the first four months in the present fiscal (up to July 2008) stood at Rs.71,648 crore, up from Rs.48,756 crore, registering a growth of 46.95 percent. Growth in Corporate Taxes was 50.08 percent (Rs.41,598 crore as against Rs.27,718 crore), while Personal Incom .....

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..... e Tax (including FBT, STT and BCTT) grew at 42.82 percent (Rs.29,982 crore as against Rs.20,993 crore). Growth of Fringe Benefit Tax (FBT) was 44.34 percent (Rs.1,260 crore against Rs.873 crore); Securities Transaction Tax (STT) was 15.46 percent (Rs.2,164 crore against Rs.1,874 crore); and Banking Cash Transaction Tax (BCTT) was 33.75 percent (Rs.223 crore against Rs.167 crore). Among regions, .....

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..... tax growth in Mumbai and Delhi was 36.33 percent and 76.40 percent, respectively. Other regions with high tax growth are Nagpur (77.80 percent); Kochi (58.08 percent); Kolkata (49.87 percent); Hyderabad (40.69 percent) and Bangaluru (40.25 percent). Growth in direct tax collection has been driven by a growth of 44.56 percent in tax deducted / collected at source (TDS / TCS), which stood at Rs.45 .....

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..... ,935 crore as against Rs.31,776 crore in the earlier year. Growth in corporate TDS / TCS was particularly high at 60.6 percent. Robust growth in direct tax collections is a result of tax education and compliance mechanism put in place by the Income Tax department in the area of TDS / TCS and indicates further improvement in tax administration and tax compliance levels. The cost of direct tax col .....

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..... lection, on the other hand, had declined to an all-time low of 0.54 percent during fiscal 2007-08, amongst the lowest in the world. BSC/SS/GN-187/08 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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