NEWS & ADVICE : CAR LOANS
Direct tax collection for 09 rises by 6%
By Vaibhav Aggarwal
Apr 8, 2009
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The direct tax collection for the financial year 09 has although not reached the target set by the government but it has outpaced the tax collected during the last fiscal by 6%.

This has mainly been attributed to the high advance tax payments by state-run companies. Out of the 50 top corporate advance tax payers for the fiscal 09, 21 companies were PSUs. Also 7 amongst these companies were listed on the top 10 advance tax payer corporates.

An official connected with the development said, "PSUs have played a major role in improving the direct tax collection. The advance tax numbers till March 15 clearly show that."

The direct tax collected as on March 31st, 2009 is recorded at 3,29,000 crore against Rs 3,45,000 crore targeted by the government. This figure is Rs 20,000 crore more than the tax collected for the fiscal 08 and further the tax officials expect it to rise by Rs 3,000 crore after the final adjustments is done. The advance tax collection - tax collected without tax deducted at source - stands at Rs 131,800 crore for the fiscal.

The advance tax collection of Rs 21,723 crore that accounted to 6.6% of the net direct tax collection came from the top five corporate advance tax payers including Oil and Natural Gas Corporation (ONGC), State Bank of India (SBI), Steel Authority of India Ltd (SAIL), Life Insurance Corporation of India (LICI) and National Thermal Power Corporation (NTPC).

Out the top 50 advance tax payers, 19 are banks including 11 government banks and only 7 are multinational companies (MNCs) that include Citibank, HSBC, Standard Chartered Bank, Deutsche Bank, JP Morgan, Chase Bank and Siemens.

 


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