Banks pay higher advance tax in fourth quarter

Banks have bucked the downturn and paid more by way of advance tax for the fourth quarter of 2008-09. But, reflecting the slowdown, payments by corporate houses have shrunk. Banks’ advance tax payout rose sharply on the back of huge gains from the treasury operations.
State Bank of India paid Rs 1,810 crore (Rs 1,400 crore), PNB Rs 470 crore (Rs 180 crore), Bank of India Rs 590 crore (Rs 191 crore), Bank of Baroda Rs 280 crore (Rs 220 crore), Dena Bank Rs 75 crore (Rs 50 crore) and HDFC Rs 275 crore (Rs 250 crore) and ICICI Bank paid Rs 250 crore (Rs 250 crore).
Tata Steel paid an advance tax of Rs 406 crore for the fourth quarter of FY’09 against Rs 300 crore paid in the same period last year. Tata Chemicals paid Rs 75 crore (Rs 190 crore) and Tata Consultancy Rs 53 crore (Rs 116 crore). Tata Motors did not make any payment for the quarter under review as compared with Rs 75 crore paid last year.
Reliance Industries’ payment was Rs 370 crore (Rs 443 crore), while Indian Oil’s payout dipped to Rs 150 crore (Rs 1,139 crore).
The all-India tax collection was about Rs 2.82 lakh crore until March 15, the last date for advance tax payment, against the projected tax collection of Rs 3.95 lakh crore for the current fiscal year, according to sources. The advance tax collected in Mumbai, which accounts for one-third of the total tax collection, was nearly Rs 99,000 crore until March 15. The Mumbai Commissionarate was given a target of Rs 1.50 lakh crore, which was later revised lower to Rs 1.33 lakh crore, sources said.
Source: HBL