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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: empanelment :: TDS :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment
« News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

35% of India Inc top 20 pay lower advance tax in Q2
September, 19th 2008

India Incs top 20 taxpayers are showing mixed signals, with almost 35% paying lower advance tax in September this year. Banking, petroleum and cement companies seem to be taking the sheen away from the India growth story. Reliance Industries, ICICI Bank, Union Bank of India, Citibank, Grasim and ACC paid lower advance tax in second quarter an indication that select sectors in the economy could be under pressure.

Advance tax is paid in four installments in June, September, December and March and is based on the taxpayers projected income and, thus, gives an indication of industrys performance in coming months. Overall direct tax collections have remained robust, witnessing 38% growth in the April-August 2008 period. In fact, advance tax collections were also bullish in June. However, experts say some sectors could have begun to feel the heat of slowdown and global factors. A downturn in overall direct tax collections can put the governments fiscal under pressure.

Banks net interest margins have been under pressure. In some cases, disproportionately large exposure to retail and volatility in forex markets could impact earnings. Cement companies margins have been under pressure because of raw material prices. Besides, the problem in real estate sector and sluggish infrastructure sector will have a bearing on their performance, says HDFC Bank chief economist Abheek Barua.

Grasim paid Rs 75 crore as advance tax, 67.39% lower than the last fiscal, ACC paid Rs 42 crore which was 41.67% lower than what it paid in Q2 last fiscal, and UltraTech paid Rs 40 crore in September this fiscal, 68% lower than the last fiscal. The economy grew at a rate of 7.9% in the first quarter of the fiscal, which is much slower than 9.2% in Q1 of 2007-08. Industrial output grew 7.1% in July 2008.

While some sectors may be facing the heat, the pessimism is not all pervasive. State Bank of India paid 48% higher advance tax at Rs 1,560 crore, Life Insurance Corporation paid Rs 870 crore, which was 19.07% higher than what it paid in Q2 last fiscal, and Tata Steel paid a whopping 124.72% higher tax of Rs 1,000 crore. Gujarat Ambuja and L&T managed to buck the trend, paying 14.29% and 25% higher advance tax of Rs 200 crore and Rs 150 crore in Q2 respectively.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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