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
Latest Expert Exchange
« General »
 Interest income from an NRO account is fully taxable in India
 Income tax payers filing appeals before ITAT will have to provide information relating to the amount locked up in dispute
 GST, infrastructure status drive PE investments in warehousing
 Taxman should move towards limited scrutiny
  Government likely to withdraw tax notice on free banking services
 GST Council may bring natural gas, aviation turbine fuel under its purview at next meeting
 IT department cautions TDS deductors against quarterly filing default
 The notification said start-ups approved by an inter-ministerial panel are exempted from the tax which is levied on firms issuing shares to investors above their fair value, treating it as income from other sources
 Why you need to sort out your tax-residency status
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004

Banks advance tax outgo signals robust Q1 results
June, 18th 2008

Banking majors such as State Bank of India and ICICI Bank are likely to post robust first quarter results this year going by the first instalment of advance tax paid by them by June 15.

According to available information, Union Bank of Indias advance tax payment was 88 per cent more than what it paid for the corresponding period last year, but SBIs tax payment at Rs 663 crore for the April-June 2008 period was the highest going by available numbers.

Companies have to pay advance tax in four instalments the first, accounting for 15 per cent of the estimated tax liability for the entire year.

The second by September 15 for 45 per cent of the tax liability for the year; the third by December 15 for 75 per cent of the tax; and, the last by March 15 accounting for the balance tax liability for the year.

SBIs show

SBI was the second highest tax payer in 2007-08 with a tax provision of Rs 4,063 crore.

For the March 15 instalment in 2007-08, the largest public sector bank had paid Rs 1,418 crore.

Tax estimate

According to an official with a private sector bank, advance tax outflow for the year is expected to be between Rs 25,000 crore and Rs 30,000 crore.

The Finance Ministry had estimated a direct tax collection of Rs 3,65,000 crore for the year.

The Ministry is now thinking of increasing this target to Rs 4,00,000 crore for the year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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