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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: form 3cd :: list of goods taxed at 4% :: VAT RATES :: cpt :: VAT Audit :: due date for vat payment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

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