India Tax Payer - Forum

Posted: 17-03-2011

The Banks this time have had good business deals and much smoother graphs of profit. Except for State Bank of India (SBI) which went down in profits and has paid really less advance tax this time. The bank restructured its pension schemes and this allotment eventually invited disaster in the tax payments. The approximate calculation is around Rs 1400 crore versus Rs 1900 crore. SBI’s growth has gone down significantly. HDFC has paid a better advance tax of Rs. 500 crore and ICICI paid Rs.475 crores. HSBC recorded Rs.449 crore as its tax pay. LIC has paid 931 crore and IDBI logs paying 160 crores of Advance Tax. Standard Chartered bank has paid the same number as it did the last quarter. Citibank and its peers have paid higher amounts of tax but firms like Union Bank’s numbers remained unchanged and Bank of Baroda with a small change. The banks on an overall basis have an 80% percent growth this year. This time the payment of Advance tax has been good and as what the officials expected.