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: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: cpt :: VAT Audit :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« News Headlines »
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you

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