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 »
 Here's what the changes in Form 16 will mean for you
 Your guide to filing income tax returns this year
 Income Tax rules for new financial year
 How to claim income tax refunds in 2019 in India
 What Latest Form 16 Changes Mean For You
  Companies (Incorporation) Third Amendment Rule,2019
 Filling salary details in ITR-1 for FY 2018-19 gets easier for taxpayers
 All the new details required in income tax return forms for FY18-19
 Income Tax return forms for AY 2019-20 out; last date of filing July 31
  Extending the due date for furnishing of report u/s 286(4) of the Income-tax act,1961
 CBDT extends final sales return filing date

Financial sector shines in advance tax payments
June, 16th 2009

Available data on advance tax (AT) payments for the first quarter of the financial year indicates the manufacturing sector may take more time to recover, while the financial sector remains buoyant.

Among manufacturing sector companies, Reliance Industries first instalment of AT payments fell by 7.65 per cent to Rs 314 crore, as against Rs 340 crore during the corresponding period last year. Similarly, almost all Tata group companies, barring Tata Power, have paid lower AT.

Engineering major Larsen and Toubro has seen a 15.79 per cent rise, while Mahindra and Mahindras AT payment went up by 25 per cent.

The banking sector has put up a healthy show. According to data available so far, State Bank of India is the highest taxpayer during the first quarter of 2009-10.

Even smaller banks such as IndusInd Bank (122 per cent increase to Rs 20 crore), Dena Bank (75 per cent rise to Rs 35 crore) and YES Bank (42 per cent increase to Rs 27 crore) have followed the trend, sources said.

Successive interest rate cuts by the Reserve Bank of India and consequent downward movement in rates on government securities are a big reason for banks to garner good profits and thus pay higher taxes, which was not the case last year, said an official. Last year, interest rates remained high, leading to fund crunch and tightness in credit markets.

While collections are still underway, officials said available data pointed to a 15 per cent increase in collections on a quarter-on-quarter basis.

They added that the newly-formed large taxpayer unit (LTU) in Mumbai had so far collected Rs 892 crore of the annual target of Rs 3,703 crore for 2009-10.

The Central Board of Direct Taxes has fixed a target of direct tax collection of Rs 1,34,185 crore for the current financial year, of which Rs 91,158 crore would come from corporation tax.

Entities that earn beyond a specified level are required to pay AT in four installments with the first one due on June 15, when at least 15 per cent of the liability has to be paid. By the time the second installment falls due on September 15, at least 40 per cent of the liability for the year has to be deposited and this amount increases to 75 per cent by December 15 and 100 per cent by March 15.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software 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