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: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TDS :: form 3cd :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT
« Service Tax »
 Chidambaram says there cannot be multiple tax slabs in GST
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses
 GST to subsume over a dozen Central, State taxes
 Incidence of indirect taxes won't go up under GST
 Advanced Budget date: Absence of a GST rate may present estimation challenges

Advance tax payments by 17 top firms rise 20%
September, 15th 2012

Advance tax payments by 17 top firms based in Mumbai, Indias financial capital, rose by 20% for the three months ending September, though corporate profits are moderating and industrial growth is faltering.
Another 83 firms are expected to pay their advance taxes by the 15 September deadline, two income tax officials said, both requesting anonymity.

The early estimates of advance tax numbers are showing a 20% increase, but this is likely to come down around 10-15% when remaining firms pay taxes tomorrow, said one of them.

Hindustan Unilever Ltd, Life Insurance Corp. of India, HDFC Bank Ltd and ICICI Bank Ltd are among the firms that paid advance taxes on Friday. Reliance Industries Ltd (RIL), Tata Group companies and State Bank of India are expected to pay on Saturday.

Indian companies pay income tax every quarter on their projected earnings and these figures are used as a proxy for financial performance estimates, though the correlation of earnings with tax paid has been mixed.
Going by norms laid down by the Income-tax Act, firms are required to pay 15% of their total advance tax in the first quarter, followed by 30%, 30% and 25% in the next three quarters, respectively.

Advance tax numbers for the July-September second quarter are critical as Indias headline inflation shot up to 7.55% in August from 6.87% in July. The rising inflation rate and faltering industrial growth may further complicate choices for the central bank ahead of its mid-quarter monetary policy review on Monday. On Thursday, the government increased diesel prices by Rs.5 a litre, revised the excise rates on petroleum products and put a cap of six cylinders per household on subsidized cooking gas.

Life Insurance Corp. paid Rs.1,300 crore as advance tax for the September quarter against Rs.1,165 crore in the year-ago period, while ICICI Bank paid Rs.815 crore against Rs.650 crore a year ago. HDFC Bank paid Rs.1,100 crore against Rs.800 crore while Hongkong and Shanghai Banking Corp. Ltd paid Rs.500 crore against Rs.460 crore. Traditionally, State Bank of India, the nations largest lender, has been the highest taxpayer in the Mumbai circle and RIL, Indias top firm by market value, the second-highest.

Saurabh Mukherjea, head of equities at financial services firm Ambit Capital Pvt. Ltd, said there was no correlation between advance tax numbers and the state of the economy. The advance tax number are driven by variety of other factors. However, starting second half of the current fiscal, we feel that the economy will have meaningful growth compared to the first half, he said.

Gross direct tax collections in April-August increased 6.51% from a year ago to about Rs.1.64 trillion, according to the finance ministry. Gross collection of corporate taxes increased 0.15% to Rs.96,738 crore, and gross collection of personal income tax rose 17.09% to Rs.67,420 crore. Net direct tax collections rose 28.15% to about Rs.1.24 trillion.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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