Direct taxes have exceeded the last year's sum by Rs 26,000 crore but falling short of the projections. Big number isnt it?
In a country like India, where a very less number of people are paying the tax while others are enjoying the money, its very important for a tax payer to know where his money is being utilized.
Unfortunately there transparency factor needs a lot of work to do..
Here is a news from The Telegraph
New Delhi, May 21: Direct tax collections for 2008-09 have missed the target of Rs 3,45,000-crore by Rs 6,000 crore because the economic slowdown has hit the earnings of companies.
The government had lowered its target of direct tax collection to Rs 3,45,000 crore from Rs 3,64,000 crore to factor in the effects of the recession and the tax waivers offered to industry.
A finance ministry statement, however, maintained that the direct tax mop-up exceeded the previous year’s collection by about Rs 26,000 crore.
Analysts said the decline in collections would put pressure on the government to increase its revenue to meet a ballooning fiscal deficit. This may be a difficult task as the slowdown is expected to continue for some time.
