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: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: empanelment :: TDS :: list of goods taxed at 4%
 
 
« News Headlines »
 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
 Self e-filing of income tax returns
 Why do we get 3 extra days to file income tax returns in 2017?
 Income Tax department launches 'Operation Clean Money'-II
 Here’s how to e-file your income tax return
  Why SMEs should comply with income tax provisions

Advance tax rake-in up on profit forecast
June, 30th 2006
 

Enhanced profitability projections by banks have positively impacted the governments coffers as public and private sector banks paid higher advance tax in the first tranche that was due on June 15.

According to information available with the finance ministry, sectors like banking, insurance, cement, pharma, power and chemicals have paid more advance tax on account of higher profitability projections this year.

The State Bank of India has paid an advance tax of around Rs 350 crore compared with Rs 280 crore in June last year, while the HDFC has paid around Rs 80 crore against Rs 60 crore last year.

Standard Chartered has also paid around Rs 100 crore as tax compared with just Rs 64 crore in June 2005.

Add pharma companies to the list. Glaxo paid around Rs 27 crore against Rs 21 crore last year, while Cipla paid Rs 27 crore compared with Rs 20 crore in June 2005.

Cement company ACC also paid around Rs 53 crore to the government against Rs 10 crore in June 2005. Tata Chemicals paid Rs 28 crore compared with Rs 25 crore in the same period last year.

Every year, the government mops up 45 per cent of its direct tax payments by way of advance tax. Improving advance tax collection is therefore an important part of the income-tax departments strategy to improve tax collections.

The CBDT has asked its field formations to advise taxpayers against deferring their liability under advance tax and paying it under self-assessment.

Officers have also been asked to persuade corporates with tax liability under the minimum alternative tax, to pay taxes at the advance-tax stage rather than at the self-assessment stage.

In addition to monitoring advance tax payments by the top 100 taxpayers, commissioners have also been asked to monitor the payment of advance tax by taxable local authorities.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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