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: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARD :: VAT Audit :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
News Headlines »
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
 How to calculate capital gains tax
 April 1 still the target for GST: FM
 How to respond to CBDT’s tax compliance notice
 Goods & Services Tax (GST)(As On 01-01-2017)
 Excise, service taxpayers to migrate to GST portal by January 31
 Tax numbers belie slowdown: FM
 Income tax (1st Amendment) Rules, 2017

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 2017 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