Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: form 3cd :: empanelment :: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: TDS :: ACCOUNTING STANDARD :: VAT RATES
 
 
« News Headlines »
 Tax-saving for young earners simplified
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case

Taxing times or relaxing: Banking
October, 07th 2008

The advance tax payments by the banking sector exhibit a mixed performance in the quarter ended September 30, 2008. There are pockets of brilliance with shades of conservatism. Industry pundits, however, believe that Indian banks are overall cautious in their profitability perceptions post-US financial system crisis.

Among the large players, even as advance tax payments by State Bank of India (SBI) and HDFC Bank increased by 48% and 15%, respectively, Indias largest private bank, ICICI Bank, and public sector player Central Bank of India paid a much lower advance tax during the second quarter, reporting a decline of 22% and 30% over payments made during similar period previous financial year.

Says Robin Roy, associate director, PricewaterhouseCoopers (PwC) India: While ICICI Banks losses on treasury income gets reflected in its advance tax numbers, the increase in payment of advance taxes by Indias largest commercial bank is significant and shows its core banking solutions are doing well.

SBIs assets have also gone up. On why other public sector banks like Union Bank of India showed a decline in advance tax payments, Roy says its due to the fact that PSU banks dont possess a strong treasury team.

The decrease in the advance tax payments by some major banks, believe industry analysts, is not a result of any fundamental financial problem.

Banks are just being conservative. After filing advance taxes, it becomes difficult to recoup the amount. Therefore, with the present liquidity crunch, banks might be thinking of putting the funds to some other judicious use rather than giving it way as advance tax, explains a banking analyst.

But not all banks have been reasonable in approach. For instance, Andhra Bank and Barclays Bank posted a quarterly increase of 178.89% and 500%, respectively, in their advance tax payments, though it comes from a smaller base.

SIDBI and BNP Paribas have also joined them to extend the list of banks showing a tremendous increase in quarterly advance tax payments ranging from 50-230%. For banks, the next two quarters will set the tone. Historically, the second half is a busy ride, says Roy.

For the uninitiated, advance tax figures along with other various financial indicators are used as proxy to estimate a companys profits during the given quarter and for the full year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions