Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: form 3cd :: list of goods taxed at 4% :: VAT RATES :: TDS :: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
 
 
News Headlines »
 How will the new provisions really work?
 How to save income tax? Best tips for young earners
 Forgot to verify your income tax return? Here's help
 Notification of Government e-Marketplace (GeM) under section 138 of the Income-tax Act
 Income tax returns can be filed even if you missed deadline
 What is the difference between a tax return and a tax refund?
 Improving tax compliance in India
 How to invest in the new LTCG tax regime
 5 Tips to help you save tax
 Why to file income tax return?
  Income Tax For Individuals – Assessment Year 2019–20

Advance tax shows better health of India Inc
June, 16th 2006

News

16th June, 2006

Advance tax shows better health of India Inc

Advance tax collected by the income-tax department in Mumbai for the first quarter (April -June) of 2006-07 signals a marginal improvement in India Inc's performance.

According to preliminary data available with the income-tax department in Mumbai, State Bank of India continues to be one of the highest taxpayers and paid Rs 356 crore advance tax this quarter against Rs 280 crore in the corresponding quarter of last year.

The data, however, give a mixed picture of corporate sector performance in the first quarter. Engineering and construction major Larsen & Toubro has paid Rs 40 crore (Rs 25 crore), Tata Chemicals Rs 28 crore (Rs 25 crore), Indian Hotels Rs 13 crore (Rs 5 crore) and Hindustan Lever Rs 42 crore (Rs 35 crore).

Reliance Industries has paid Rs 212 crore, lower than Rs 241 crore paid in the corresponding quarter last year and Rs 220 crore in the fourth quarter and Tata Steel has paid around Rs 180 crore this quarter, sharply lower than Rs 265 crore paid in the first quarter of last year.

Mahindra & Mahindra has paid Rs 20 crore advance tax for the quarter, unchanged from the amount it paid in the corresponding quarter last year.

Similarly, there is no change in the payment of advance tax by Union Bank Rs 50 crore. Reliance Energy has paid Rs 20 crore advance tax in the April-June quarter. The corresponding figure is not available.

Overall, the tax department expects a shortfall in its advance tax collection for the first quarter of 2006-07 as Indian Oil, traditionally a leading tax-payer, is understood to have not paid advance tax.

Other state -run oil companies may also not be able to pay advance tax as they are reeling under international crude oil prices which have not been fully passed on to the domestic consumers.

Mumbai accounts for almost 50 per cent of the total income tax collection of the country.

The overall collection for the first quarter is slated to bearound Rs 20,000 crore, sources said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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