Local banks pay less advance tax in Q4
Foreign amp; private sector banks pay more taxes in last quarter of the current fiscal.
Domestic financial institutions dont present a rosy picture of the Indian growth story if the advance tax paid by them in the fourth quarter is any indication. While foreign banks paid more advance tax in the fourth quarter of the current fiscal,there was a sharp reduction in the advance tax payments by domestics banks,mainly the public sector ones.
The data for the early bird 25-30 entities who paid their advance tax for the last quarter today shows that the domestic financial institutions did not perform well in the last quarter of 2010-11,when they are expected to pay the remaining 25 per cent of the total tax.
While the largest public sector lender SBI paid Rs 1,500 crore in Q4 FY11 as against Rs 1,875 crore during the corresponding period a year ago,advance tax payment by the second largest public sector lender Punjab National Bank PNB halved to Rs 371 crore in the Q4 compared with Rs 662 crore during a year-ago period,sources told The Indian Express.
Other public sector banks like OBC paid just Rs 50 crore for the quarter as against Rs 160 crore a year ago,Punjab and Sindh Bank paid Rs 18 crore as against Rs 79 crore in the corresponding period last year,Union Bank rs 70 crore as against Rs 125 crore a year ago and Central Bank Rs 110 crore as against Rs 252 crore last year. IDBI Bank paid just Rs 2.6 crore as against Rs 25 crore in Q4 last fiscal.
However,foreign and private sector banks fared well and paid more taxes in the last quarter of the current fiscal 2010-11. ICICI,the largest private sector lender paid Rs 475 crore during the Q4 compared with Rs 350 crore paid in a year-ago period while HDFC bank paid Rs 540 crore as against Rs 300 crore. Foreign banks including Citibank paid Rs 400 crore as against Rs 150 crore paid a year ago,Deutsche bank paid more than during the fourth quarter at Rs 170 crore as against Rs 60 crore,while HSBC paid around three times what it paid last year. It paid Rs 449 crore during the quarter as against Rs 190 crore a year ago. Standard Chartered banks advance tax payment remained unchanged at Rs 200-crore.
Financial institutions like LIC and HDFC paid Rs 931 crore and Rs 340 crore respectively during quarter.
In the infrastructure sector,companies like BHEL,NTPC and Lamp;T paid higher taxes than what they paid last year. BHEL paid a whopping Rs 856 crore as against Rs 350 crore last year,while NTPC paid Rs 1,285 crore compared with Rs 741 crore. Lamp;T paid Rs 300 crore versus Rs 270 crore last year.
Mukesh Ambani-led Reliance Industries paid Rs 1,054 crore versus Rs 770 crore,while Ratan Tata-led Tata Steel paid Rs 987 crore during the foruth quarter.
Bajaj Auto paid Rs 250 crore in Q4 as against Rs 175-crore in the year-ago period while Mamp;M paid Rs 307 crore as against Rs 226 crore in the year-ago period. However,FMCG major Hindustan Unilever paid Rs 150 crore as against Rs 170 crore in the year-ago period.
Tata Motors paid Rs 50-crore as advance tax in Q4 in the current fiscal as against Rs 115-crore in the same period last fiscal. Steel major SAIL paid Rs 600 crore in the fourth quarter as against Rs 1,000 crore during the same period a year ago.
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