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: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: TDS :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: empanelment
 
 
« Indirect Tax »
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts

Advance tax collections for Q4 a mixed bag
March, 19th 2014

The advance income tax paid by Mumbai-based companies for the fourth quarter of 2013-14 seems a mixed bag from the early figures coming in.

While State Bank of India (SBI) paid an unchanged advance tax of Rs. 1,456 crore (Rs. 1,450 crore), Yes Bank paid Rs. 200 crore (Rs. 167 crore).

From the Tata Group, Tata Consultancy Services (TCS) reportedly paid a higher advance tax of Rs. 1,130 crore (Rs. 600 crore) with cement major ACC’s advance tax reportedly halving to Rs. 110 crore (Rs. 220 crore).

A comprehensive figure will be released subsequently by the Central Board of Direct Taxes, according to officials.

Advance tax payment is a system of staggered payment of income tax spread over four quarters and is generally an indicator of a company’s performance during the period. Industry watchers are not very hopeful of high tax payments because of the overall economic slowdown and its impact on all sectors.

Companies pay 15 per cent, 30 per cent, 30 per cent and 25 per cent of the total advance tax during the financial year’s four quarters.

Jewellers request
Last week, All Indian Gem & Jewellery Traders Federation (AIGJF) the nodal body representing more than 600,000 members associated with the trade, requested the Finance Minister to rein in Income tax officials from pressurizing federation members to pay higher advance tax based on last year’s figures.

Speaking to The Hindu, Harish Soni, Chairman, AIGJF said, ``one cannot expect our members to pay tax on the basis of last year’s figures because business has come down 30-40 per cent this year. On an average the 15-20 per cent business coming from Non-Resident Indians (NRIs) dried up because of 20 per cent better domestic margins.’’

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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