Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment :: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
 
 
Direct Tax »
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears
 CBDT chief prods taxmen to buck up, meet recovery target
 CBDT to hold review meeting on PMGKY, tax collection on Mar 17
 Monitor tax collection to meet target by Mar 31: CBDT to taxman
 File prosecution cases against shell companies: CBDT to taxmen
 Threefold jump in prosecution against tax offenders
 Income Tax department raises queries on suspicious bank account deposits post demonetisation
 Govt’s direct tax collections likely to miss budget targets for FY17
 Direct tax collections show 10.7 per cent rise up to Feb: CBDT

Top 100 companies in city pay Rs 500 crore less advance tax
January, 04th 2012

The slow pace of economic growth was reflected in the advance tax paid by top 100 companies in Mumbai till the December quarter. Sources in the department said that these companies paid around Rs 500 crore less advance tax till December this year, as compared to last year.

The income tax (I-T) department collects advance tax in four quarters June, September, December and March. It has to be paid latest by 15th of the month in every quarter. Advance tax collection contributes to 35% of the overall direct tax collection.
Sources said that the top 100 companies paid advance tax of around Rs 43,500 crore this year, as against Rs 44,000 crore last year till December. In the December quarter alone, these companies paid around Rs100 crore less in advance tax.

The official said that in banking sector, quiet a few public sector banks paid less advance tax this year as compared to last year whereas private banks performed better.

Officials said that State Bank of India (SBI), one of the highest taxpayers, has paid Rs 4,484 crore in advance tax till December this year, as compared to Rs4,618 crore last year. In the December quarter, SBI paid Rs1,730 crore this year as compared to Rs 1,864 crore of last year.

Besides, performance of petroleum companies was gloomy. In the December quarter, the major oil companies paid nil advance tax this year. The engineering sector performed poorly with major companies not doing well.

Officials said that if this trend continues, it would be difficult to achieve the direct tax collection target for the current financial year. The target for Mumbai for 2011-2012 is Rs 2.04 lakh crore.

Authorities are also concerned because of the ongoing agitation of I-T officials, who are not taking part in search operations and surveys since December 5. The officials are protesting against the pending promotions of officers from the rank of income tax officer (ITO) to the rank of assistant commissioner of income tax (ACIT)/deputy commissioner of income tax (DCIT) for the last two years.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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