NRI Real Estate and Property Investment in India
Direct Tax Collections up Over 40% till February 2008
Wednesday, March 12, 2008

The government said that the direct tax collections have grown more than 40% at Rs 2,326.76 billion till February 2008 this fiscal. The amount collected by the income-tax department was 41.70% higher than the corresponding figures during the previous year.

The revised estimates in the Budget 2008-09 has raised the collections from direct taxes, comprising income-tax, corporate tax, FBT, STT and BCTT, to Rs 3,044.45 billion from the Budget estimates of Rs 2,671.75 billion.
Regarding the total amount recoverable on account of corporate tax, custom duty, income-tax and central excise duty, the Minister of state for finance SS Palanimanickam said the total arrears as on March 2007 was Rs 263.75 billion, of which Rs 34.67 billion had been recovered so far. As much as Rs 205.94 billion was disputed in respect of direct and indirect taxes.

While in March 2006, the recoverable arrears stood at Rs 215.93 billion, of which Rs 31.40 billion had been recovered in 2005-06 and the disputed amount in respect of direct and indirect taxes was Rs 166.21 billion.
Further, he said the number of PAN cards issued till March 3 was 1,16,29,940, and around 4% of the PAN card holders were found guilty of holding duplicate PAN cards.

However, there was no case related to fraud demat accounts opened using duplicate PAN. Stating that the submission of proof of identity and address along with PAN application form is mandatory, he said that penal provisions have been incorporated in I-T Act against those obtaining more than one PAN card.

On account of central excise exemptions, the government had to forgo Rs 754.75 billion of revenue and owing to direct tax exemption it had to bear a burden of Rs 450.34 billion.





Return to India




Indian Cities Guide

..More cities »
NRI Communities in Different Countries  
Indian Embassies & Consulates in Different Countries
NRI Newsletters  
NRI Feeds - Syndications