Circular No. No.402/92/2006-MC (01 of 2011)

Net direct tax collections during April–December, 2010

What this is

Circular No. No.402/92/2006-MC (01 of 2011) was issued by the Central Board of Direct Taxes on 6 January 2011. Its subject is Net direct tax collections during April–December, 2010.

What it does

Reports net direct tax collections for April to December 2010 at Rs 2,98,958 crore against Rs 2,50,232 crore in the same period of the previous year, a growth of 19.47 per cent and 69.53 per cent of the budgeted target of Rs 4,30,000 crore. Corporate income-tax grew 22.07 per cent to Rs 2,03,244 crore from Rs 1,66,503 crore, personal income-tax including securities transaction tax and residual fringe benefit tax and banking cash transaction tax grew 14.57 per cent to Rs 92,295 crore from Rs 83,178 crore, and securities transaction tax grew 11.97 per cent to Rs 5,117 crore from Rs 4,570 crore. Collections in December grew 20 per cent over December of the previous year.

Why it was issued

It is a routine press release of collection figures; no reason is stated.

Who it reaches

Nobody in a proceeding — it is a statistical release
Readers tracking collection trends for that year

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

Net direct tax collections during April–December, 2010

No.402/92/2006-MC (01 of 2011)

Government of India / Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi dated the 6th January 2011

PRESS RELEASE

Net direct tax collections during the period April-December 2010 stood at Rs.2,98,958 crore, up from Rs.2,50,232 crore in the same period last fiscal, registering a growth of 19.47 percent reaching 69.53 percent of the Budgeted target of Rs.4,30,000 crore..

Growth in Corporate Income Tax was 22.07 percent (Rs.2,03,244 crore as against Rs.1,66,503 crore), while Personal Income Tax (including STT, and residual FBT / BCTT) grew at 14.57 percent (Rs.92,295 crore as against Rs.83,178 crore). Growth of Securities Transaction Tax was 11.97 precent (Rs.5,117 crore against Rs.4,570 crore).

Growth in tax collections for the month of December, compared to December last year, was 20 percent.

What to watch

It is a press release of figures and confers no right and imposes no obligation.
The personal income-tax figure bundles in the securities transaction tax and residual collections of two abolished levies, so it is not comparable to personal income-tax alone.
The figures are for part of one year and have no continuing effect.

Where you meet it

Only as background; it does not arise in any assessment, appeal or notice.

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A circular binds the department, not you and not a court. The Board issues a circular to its own officers. An assessee may hold the department to a circular that helps him; the department cannot hold an assessee to one that hurts him, and the Tribunal and the courts decide the law for themselves.

Source: the Income Tax Department’s own published text — its page for this instrument.