Tax

Industrialists held for demo against VAT hike

Disappointed on the hike in VAT rates, members of Indian Industries Association (IIA) held a demonstration in which over sixty of them were arrested by the police on Monday. However they were set free after three hours.

Annoyed with the State’s decision and henceforth demand to have VAT at par with the other states, the industrialists had earlier proposed to have a car rally which was supposed to end at Patel Park after which they wanted to have a dharna but the administration did not give its approval for the same. On Monday about 250 cars were parked at Moti Mahal but on the car rally’s disapproval, the industrialists resorted to march through the market. On this the police got enraged and arrested them.

Net direct tax collections up 25.5% in Sept

The net tax growth by center government registered a growth of 25.51 Net direct tax collections up 25.5% in Septpercent in the month of September. Rs 62,788 crore were collected as compared to Rs 50,025 crore in the corresponding period last year. The growth is witnessed due to starting of an advance tax installment during the month of September.

Direct Tax Collections Up 47%

The increase in TDS receipts and buoyancy in corporate profits led to an Direct Tax Collections Up 47%increase in the direct tax collection, including corporate and personal income tax, by 46.95% to Rs 71,648 crore in April-July this year.

A finance ministry statement said, “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 tax deducted at source (TDS) and tax collection at source (TCS) and indicates further improvement in tax administration and tax compliance levels.”

Direct tax collections reach 39% despite slowdown fears

Despite the fear of economic slowdown as a result of continuous rise in the crude oil prices, the net direct tax collections increased by 38.61 per cent in the first quarter.

According to a statement released by the Finance Ministry, the growth in direct tax collections in Nagpur and Kochi witnessed as high as 74.08 % and 68.98% respectively, in the direct tax collection, whereas, it was less than 50% in cities like Mumbai, Bangalore and Kolkata. In the capital city Delhi, the direct tax collection increased to 53.57%.

When it comes to taxes, women really are the fairer sex

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Top Tax Tips for Younger Filers

Top Tax Tips for Younger Filers

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