Advance upset triggers finmin ire on tax dodge

Dec 11 2012, 01:35 IST
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SummaryUpset by poor advance tax receipts, the cash-strapped government on Monday warned individual and corporate tax payers of strict action for allegedly understating “true income” and urged them to pay due taxes by December 15.

the coming months. Gross direct tax receipts grew by a modest 6.5% in the April-October period to Rs 3.02 lakh crore as interest rates and uncertain economic climate affected corporate income tax receipts. However, less refund of taxes during the period compared to the same time a year ago, helped the net direct tax collection to grow 14.63% to Rs.2.50 lakh crore. Officials said on Friday that net direct tax receipts grew 15% to Rs 2.7 lakh crore in the April-November period.

Tax collection figures falling below estimate is not surprising, considering the sluggish 5.3% economic growth in the second quarter and the 0.1% growth in industrial output in the April-September period, making the corporate sector conservative in estimating their profits at the end of the year.

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