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
« News Headlines »
 What if you make an error in your tax return?
 Here's how taxpayers can revise their ITR filing
 16 LPA-Opening Urgent Opening with BIG 4 Client for Statutory Audit
  When and how to revise tax returns
 How and why to check income tax return (ITR) status
 10 things you need to know about filing your Income Tax Returns
 Here’s what you should know Are you liable to pay advance tax?
 How new property tax law will affect you
 Zero income tax for women
 What to do if you missed income tax return deadline
 Haven’t filed your ITR yet? Now use updated forms to file tax return Income Tax efiling

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 2018 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