Net direct tax collections during April, 2010 to January, 2011
Circular No. No.402/92/2006-MC (02 of 2011) was issued by the Central Board of Direct Taxes on 7 February 2011. Its subject is Net direct tax collections during April, 2010 to January, 2011.
Reports net direct tax collections for April 2010 to January 2011 at 3,17,501 crore rupees against 2,63,765 crore rupees in the same period of the previous year, a growth of 20.37 per cent. Corporate income tax grew 24.78 per cent to 2,16,872 crore rupees from 1,73,799 crore rupees, and personal income tax, including securities transaction tax and residual fringe benefit tax and banking cash transaction tax, grew 11.87 per cent to 1,00,191 crore rupees from 89,561 crore rupees, with refunds at 53,688 crore rupees against 38,721 crore rupees, up 38.65 per cent. It records that CPC, Bengaluru had completed processing of all e-filed returns for assessment year 2010-11, that all e-filers with refund claims below ten lakh rupees would be issued refunds by March 2011, and that the Chairman had directed all Chief Commissioners to upload the necessary data. It also notes the Tax Information Exchange Agreement with the Isle of Man signed on 4 February 2011, providing for exchange of banking and ownership information and of past information in criminal tax matters.
It is a periodic statement of collection figures with associated administrative news; the text gives no other reason.
Net direct tax collections during April, 2010 to January, 2011
No.402/92/2006-MC (02 of 2011)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi dated the 7th February 2011PRESS RELEASE
Net direct tax collections during the period April 2010 to January 2011 stood at Rs.3,17,501 crore, up from Rs.2,63,765 crore in the same period last fiscal, registering a growth of 20.37 percent.
Growth in Corporate Income Tax was 24.78 percent (Rs.2,16,872 crore as against Rs.1,73,799 crore), while Personal Income Tax (including STT, and residual FBT / BCTT) grew at 11.87 percent (Rs.1,00,191 crore as against Rs.89,561 crore).
Direct tax collection is buoyant despite higher tax refunds, which stood at Rs.53,688 crore as against Rs.38,721 crore registering a growth of 38.65 percent. The Centralized Processing Center of the Income Tax Department at Bengaluru had also completed processing of all e-filed tax returns for the current assessment year 2010-11. As such, all taxpayers who have filed e-returns and whose refund claim is below Rs.10 lakh would be issued their income tax refunds by March 2011.
The Chairman CBDT has directed all Chief Commissioners to upload necessary data so that the refunds can be issued expeditiously. It will be for the first time that most income tax refunds of the current assessment year will be dispatched to the taxpayers within the current financial year itself.
The Government has also entered into a Tax Information Exchange Agreement (TIEA) with the Isle of Man on 4th February 2011 which provides for sharing information, including exchange of banking and ownership information and also of past information in criminal tax matters.
You do not meet it in a proceeding; at most it is background on refund processing for assessment year 2010-11.
Source: the Income Tax Department’s own published text — its page for this instrument.