Stepping up its effort to unearth black money, the authorities have detected unaccounted income and assets worth over Rs 1,400 crore during the first three months of this year.
Direct tax collections during the nine-month period ending December 2009 rose by 8.5 per cent reflecting economic revival and better performance by corporates.
The draft direct tax code that would lead to the overhaul of the Income Tax Act, has created uncertainty among the developers of special economic zones over continuation of the tax sops.
Direct tax collections grew by 3.92 percent to Rs 1,73,447 crore for the first seven months of current fiscal, around Rs 2 lakh crore short of the target for the mop-up this financial year.
With direct tax collections crossing 1.50 lakh cr mark in the first half of the fiscal, the govt is hopeful of meeting the Budgeted tax target of around Rs 3.70 lakh cr.
The Centre has collected 3.10 per cent more in direct taxes in September at Rs 64,737 compared to the same period last year.
The government`s direct tax collections grew a mere 3.69 per cent in the first half of the fiscal to Rs 1.52 crore due to higher refunds.
Direct tax collections by the
government for the first five months of the current fiscal
grew to Rs 87,888 crore, a meagre 4.12 per cent growth which
is attributed tax refunds paid during the period.
The Finance Minister Tuesday revised the direct tax collection target for the current fiscal to Rs 4 lakh crore, sources said.
Day in Pics: 1st September
Showbiz World - September 1, 2014
Famous Ganesh Pandals in Mumbai