« Top Headlines » Open DEMAT Account in 24 hrs   How to check income tax return (ITR) status  Income tax rules: How much cash can you receive in one day to avoid an I-T notice?  Tax saving tips: How you can reduce tax burden under the new regime  Condonation of delay under section 119(20) of the Income-tax Act, 1961 in filing of Form No. 9A/10/108/10BB for Assessment Year 2018-19 and subsequent assessment years  Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23  New GST form notified to help taxpayers adjust tax demand amount: Here's how to use  ITR filing deadline extended to November 15, 2024 for these taxpayers «  FIIs in tax haze on share sale... Corporate payments swell tax basket... » 'Tax revenues to cross $143 bn by 2010' June, 18th 2007 India's revenues from corporate tax, income tax, custom and excise duties, and service taxes will touch Rs.580,816 crore (Rs.5.80 trillion or $143 billion) by 2009-10, according to a study. Collections from corporate and service taxes as also income taxes would continue to be on the higher growth trajectory, said the study - "Tax Revenue: The Future Growth Path" - conducted by the Associated Chambers of Commerce and Industry of India (Assocham). "Service tax, which was imposed in 1994 with three services in its net, registered a growth of 9,200 percent between 1994 and 2006-07. However, in 2006-07, the service tax was imposed on 106 services," Assocham president Venugopal N. Dhoot said in a statement here Sunday. The total revenue earned during 2006-07 from service taxes was Rs.381.69 billion. The study also noted that there has been an increase in tax compliance as a result of simpler tax administration and increased economic activities. In 1992-93, the government collected Rs.78.88 billion worth of revenues from income tax, which rose to Rs.825.10 billion in 2006-07. And according to the chamber, this has been possible "due to better tax compliance and increased number of taxpayers and much lesser harassment from authorities concerned". Volumes of tax collection from excise and custom duties have also increased significantly - by 280 percent. "The excise duty's share in the total tax revenue, which was 41.3 percent in 1992-93, declined to 25.1 percent in 2006-07. The customs duty's share in the total tax revenue, which was 31.9 percent in 1992-93, fell to 17.5 percent in 2006-07, as a result of massive structuring on excise and customs," Assocham said. Increased economic activity coupled with growth in the number of industrial units has contributed to increased revenue collection from taxes.