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 :: VAT RATES :: VAT Audit :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: articles on VAT and GST in India :: empanelment :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

Firms put up poor show in advance tax payment
March, 17th 2009

Indian companies could not match up to banks in the payment of advance tax in the fourth quarter of 2008-09.

A slowdown in the economy, a hard-hit exports sector and lack of funds affected payments. However, banks recorded a growth in earnings despite challenging market conditions.

The State Bank of India was the highest advance tax payer in the quarter with a total payment of Rs 1,810 crore.

Other leading tax payers among banks were the Bank of Baroda (Rs 280 crore), HDFC Bank (Rs 275 crore), Dena Bank (Rs 75 crore) and IndusInd Bank (Rs 26 crore), data with the income tax department shows.

In the fourth quarter, Indian Oil Corporations (IOC) advance tax payments stood at Rs 150 crore, Reliance Industries at Rs 370 crore and engineering and construction major Larsen and Toubros at Rs 245 crore.

LICs home loan subsidiary, LIC Housing Finance Ltd, paid Rs 245 crore.

Advance tax collected from Mumbai, which accounts for 35-40 per cent of the countrywide tax collection, is nearly Rs 99,000 crore till March 15, according to the data.

Companies are required to pay their advance taxes four times a year, based on their quarterly earnings.

Companies pay 15 per cent of their advance tax estimates by June 15, another 30 per cent by September 15, followed by another 30 per cent by December 15 and the balance by March 15.

The direct tax mop-up has also declined more than 18 per cent to Rs 11,506 crore in February over the year-ago period.

Direct tax collections in February 2008 stood at Rs 14,138 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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