Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September 2017 than net collections for corresponding period of last year.
The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 10.3% to Rs. 4.66 lakh crore during April to September, 2017. Refunds amounting to Rs.79,660 crore have been issued during April to September, 2017.
An amount of Rs. 1.77 lakh crore has been received as Advance Tax up to 30th September, 2017 reflecting a growth of 11.5%over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Income Tax(CIT) Advance Tax is 8.1% and that in Personal Income Tax(PIT) Advance Tax is 30.1%.
*****
DSM/KA
Agricultural land is outside the definition of capital asset, therefore, the deeming provision u/s 56(2)(x) cannot be invoked - ITAT…
NSDL latest e-TDS TCS RPU version 1.2 for Tax Year 2026-27 NSDL has revised the e-TDS TCS RPU utility for…
Assessee entitled to claim deprecation u/s 11(6) if corresponding capital expenditure was not claimed as application of income - ITAT…
Chartered Accountants issuing certificates in Form 15CB/Form146 are expected to exercise due care, diligence and professional judgment – CBDT CBDT…
Section 292C of the Income Tax Act 1961 indeed carries presumption of correctness of such seized documents contents but only…
PCIT directed to consider condonation of delay u/s 119(2)(b) in filing revised return to availing benefits of section 44ADA In…