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: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TDS :: form 3cd :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
News Headlines »
 How to respond to a tax notice under section 143
 Income-tax (22nd Amendment) Rules, 2017
 All about Exports under GST
 Have you missed the due date of filing your Tax Returns?
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states

Advance tax kitty hints at rebound
June, 16th 2009

Most companies that figure in the list of 100 top taxpayers from Mumbai have reported a higher tax payment for the April-June quarter an indication of improved earnings over the year-ago period.

Multiple sources in the income-tax department said the rise in tax payments was 10-20 %, a significant development given the slowdown in the economy. The numbers are not exactly comparable to the first quarter of last year, which recorded a stunning 70% increase in corporate tax payment as the economy was then in the midst of an unprecedented boom, with GDP close to 9%. Direct tax collections from Mumbai account for 35-45 % of the all-India collection.

The first instalment of advance tax, which falls in June, usually accounts for 15% of the total tax payable for the fiscal. However, a clearer picture will emerge only by September, when companies are expected to pay 40% of the total tax for the fiscal. In 2008-09 , tax outgo began to shrink from September.

Indias largest bank, State Bank of India , has recorded an impressive 60% rise in its first quarter tax payment at Rs 1,070 crore. The banks first quarter tax payment last year was Rs 663 crore. The higher profit, of which the tax is an indicator , has been attributed to the cut in deposit rates without a simultaneous cut in lending rates.

The countrys largest private sector bank, ICICI Bank, too, recorded a higher tax payment than last year. From Rs 340 crore last year, it has increased to Rs 366 crore this year. In 2008-09 , too, the banking sector showed a high level of growth while companies in most other sectors, except pharma, recorded a steep fall in advance tax payments.

Insurance major Life Insurance Corporation (LIC) recorded a marginal increase in tax payment at Rs 475 crore, up from Rs 435 crore during the corresponding period last year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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