Income tax collections plunge 26 percent in early 2009, eroding state budgets

October 6th, 2009 NEW DELHI - Net direct tax collections during the first half this fiscal grew 3.69 percent from the corresponding period last year, the Central Board of Direct Taxes (CBDT) said Tuesday. In a statement, CBDT said tax collection from April to September was at Rs.152,625 crore, up from Rs.147,197 crore in the like period last fiscal, registering a growth of 3.69 percent.

September 30th, 2009 Correction: State Budgets-Michigan storyLAINGSBURG, Mich. — In a Sept.

September 20th, 2009 NEW DELHI - Companies in the telecom and auto sectors have witnessed robust growth in turnover despite not increasing their advertisement budgets, according to the Associated Chambers of Commerce and Industry (Assocam), an industry lobby. In a study titled "Cost-Benefit Analysis of Advertisement Campaigns", Assocham said: "The amount spent on the marketing expenses in proportion to the sales has undergone a substantial decline in 2008-09." However, it added that Indian telecom and auto companies, "despite spending less on their advertisement and promotion campaigns, were able to increase their sales volume significantly".

September 14th, 2009 Some govs say Medicaid growth could hammer budgetsJACKSON, Miss. — States with high levels of poverty and unemployment have been struggling with growing Medicaid budgets during the recession, and some governors worry their financial burdens could get worse as Congress works on a comprehensive health care bill.

July 22nd, 2009 NEW DELHI - India's net direct tax collections increased 3.65 percent in the first quarter this fiscal, but the growth was stymied on account of a 52-percent jump in refunds and lower corporate tax collection, the government said Wednesday. Net direct tax collections during first three months of the present fiscal stood at Rs.59,465 crore ($11.9 billion), up from Rs.57,373 crore ($11.5 billion) in the same period last fiscal, a finance ministry statement said.

July 5th, 2009 Missed revenue forecasts pose more woes for statesJEFFERSON CITY, Mo. — With its IOUs and plans to close state offices three days a month, California gets all the attention as lawmakers fight to write a budget set off balance by a $26.3 billion deficit.

July 2nd, 2009 Tax revenue drop fuels states' financial crisisCOLUMBUS, Ohio — An across-the-board drop in tax collections, coupled with a prolonged recession, has states facing their worst fiscal crisis in decades. Several states are entering the first weekend of the fiscal year and July Fourth holiday without a budget in place and facing the prospect of government shutdowns and program cuts.

June 22nd, 2009 World Bank cuts 2009 global growth forecastBEIJING — The World Bank has cut its 2009 global growth forecast, saying the world economy will shrink by 2.9 percent and warning that a drop in investment in developing countries will increase poverty. "The global recession has deepened," the Washington-based multilateral lender said in a report.

June 9th, 2009 German exports plungeBERLIN — Germany, Europe's largest economy, saw its exports plunge nearly 30 percent in April as the global economic crisis continued to hurt demand for its products, the Federal Statistical Office reported Tuesday. The country saw exports drop to euro63.8 billion ($88.47 billion) in April, compared with euro89.5 billion in the same month the previous year — a drop of 28.7 percent.

June 4th, 2009 States expect spending drop next yearWASHINGTON — In response to the economic downturn, the nation's governors expect to trim their state budgets by about 2.5 percent through cuts in education, Medicaid and state employee salaries and benefits. In a survey conducted by the National Governors Association and the National Association of State Budget Officers, some governors said they will recommend lower payments for health care providers serving Medicaid patients, while others indicated they may also seek reductions and benefit cuts for state employees.

May 21st, 2009 NEW DELHI - India's direct tax receipts were up 8.33 percent to Rs.3.38 lakh crore in 2008-09, the finance ministry said in a statement Thursday. However the direct tax collections fell Rs.6,000 crore short of the target of Rs.3.45 lakh crore for 2008-09 fiscal.

April 23rd, 2009 Report: Recession hurts state budgetsNEW YORK — The national economic recession has hammered state budgets nationwide, with at least 43 states projecting deficits totaling more than $121 billion next year, a new report found. The survey released Tuesday by the National Conference of State Legislatures also found two-thirds of states expect budget deficits in 2011, forcing lawmakers to find further savings on top of deep cuts they've already made to education, health care, corrections and other programs.

April 15th, 2009 BANGALORE - Infosys Technologies Ltd posted a consolidated net profit of Rs.59.88 billion (Rs.5,988 crore) for fiscal 2008-09, registering 28.5 percent year-on-year (YoY) growth as per the Indian accounting standard. In a regulatory filing Wednesday, the IT bellwether said consolidated income for the fiscal year under review (FY 2009) was Rs.216.93 billion (Rs.21,693 crore), posting 30 percent YoY growth under the Indian accounting standard.

February 21st, 2009 BANGALORE - The economic slowdown has severely impacted Karnataka, resulting in a steep 50 percent decline in its revenue surplus as against the budget estimates for this fiscal 2008-09 (FY 2009). 'The revised estimate of revenue surplus is Rs.767 crore (Rs.7.67 billion) as against the budget estimates of Rs.1,527 crore (Rs.15.27 billion) for 2008-09, which is a decline of 50 percent,' Chief Minister B.S.

February 1st, 2009 MUMBAI - Realty major DLF's net profit has dipped 70.6 percent to Rs.1.78 billion (Rs.178 crore) for the quarter ended Dec 31, as compared to Rs.6.05 billion (Rs.605 crore) in the corresponding period last year. Total income was down 62.29 percent to Rs.6.83 billion (Rs.683 crore) till Dec 31 as compared to Rs.18.12 billion (Rs.1,812 crore) in the year-ago period, the company said in a regulatory statement.