Financial Daily from THE HINDU group of publications
Thursday, Jan 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 08, 2004 |
||
|
|
||
|
Industry & Economy
-
Taxation Direct tax collections up 22.5 pc in Apr-Dec Our Bureau
New Delhi , Jan. 7 AIDED by a sharp jump in corporate tax collections, direct tax collections (net) in the first nine months of the current fiscal surged by 22.51 per cent to Rs 64,230 crore as compared to Rs 52,428 crore achieved in the same period during the previous year. Direct taxes mobilised up to December 31, represents about 67.21 per cent of the Budget estimate of Rs 95,569 crore fixed for fiscal 2003-04. "Going by the current trend, we are confident that the actual direct tax collections for financial year 2003-04 would surpass the Budget estimates for this year," Mr B. Swarup, Member, Central Board of Direct Taxes (CBDT), told newspersons here. Corporate tax collection during April 1-December 31, 2003 increased by 32.8 per cent to Rs 38,647 crore as against Rs 29,102 crore registered in the same period during the previous year. Personal income-tax collections during the first nine months of the current fiscal increased by 9.68 per cent to Rs 25,583 crore as compared to Rs 23,326 crore in the same period during the previous year. "The growth level at the personal income tax front may not seem very significant. This is because, a large part of income that is generated from the corporate and given to the individual has been tax exempt at the hands of the individual over the last two years. A case in point is dividend income, which is not taxed at the hands of the shareholders. We get the tax on dividends from the company side," Mr Swarup pointed out. The Budget estimate for corporate tax collections for fiscal 2003-04 is Rs 51,499 crore. In the case of personal income-tax collections, the Budget estimate for 2003-04 is Rs 44,070 crore.
More Stories on : Taxation | Economy
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|