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: VAT RATES :: due date for vat payment :: TDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: form 3cd :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

MNCs' tax payments may top whopping Rs 15,000 cr
February, 11th 2008
MUMBAI: Most of the 3,000 plus MNCs operating in India appear to be benefiting from a buoyant economy, going by the higher tax paid by them for the April-December 2007 period. The outgo has grown between 50 and 100% over the year-ago period.

According to figures compiled by the international taxation division of the Income Tax department, foreign banks have emerged as the biggest tax payers in the MNC club.

Due to improved margins, the collection by the international taxation division may cross the projected Rs 12,000 crore this fiscal ; expectations are it could be way above Rs 15,000 crore.

The banks that top the list are Citi, HSBC, Stanchart, Deusche Bank, Bank of America, Barclays Bank, J P Morgan and Chase Bank, Calyon bank, Antwerp Diamond Bank NY, State Bank of Mauritius among others.

Besides a good loan growth and the ability to pass on a higher rate to borrowers, income has increased due to fee-based and advisory services and an active derivatives book. Several banks have gained from trade related finances and sale of structured products based on currency and interest rate benchmarks.

Around Rs 904 crore paid by Citibank for the April-December 2007 period is the highest tax paid by an MNC in India this year. This is almost 100% up, over the tax paid by the bank during the same period last fiscal. Citi Bank had paid Rs 697 crore for the whole last fiscal ending March 2007.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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