Advance corporate tax paid by India’s top Mumbai-based companies for Q3 of 2012-13 indicate a marginal rise in tax paid for the period. Companies pay advance tax in four instalments towards the end of each financial quarter in India, and the quantum of payment reflects their assessment of profitability over that period.
According to figures from Indian income-tax officials, among public sector banks, State Bank of India (SBI) paid slightly lower advance tax at 1,701 crore rupees [a crore equalling 10m rupees (INR)] for the quarter, against INR1,730 crore in the same period last year. Bank of Baroda paid INR550 crore (versus INR525 crore), Central Bank of India INR120 crore (vs INR104 crore) and Union Bank of India (UBI) INR341 crore (vs INR221 crore).
Life Insurance Corporation of India (LIC) paid INR1,297 crore (vs INR1,166 crore) while engineering and construction multinational Larsen & Toubro (L&T) paid 5% lower tax of INR330 crore (vs INR350 crore).
Among housing finance companies, HDFC paid 18% higher advance tax of INR560 crore (vs INR475 crore) while LIC Housing Finance paid INR113 crore (vs INR91 crore).
Among the large corporates, Reliance Industries paid 10% higher advance tax of INR1,100 crore. From the conglomerate Tata Group, Tata Motors paid nil (vs INR60 crore), Tata Steel paid less than half of last year’s figure at INR520 crore (vs INR1,090 crore) and Tata Chemicals INR70 crore (vs INR72 crore). However, Tata Consultancy Services (TCS) paid higher tax at INR620 crore (vs INR530 crore), according to officials.
Among cement producers, Aditya Birla-owned UltraTech Cement paid INR250 crore (vs INR200 crore), Holcim-owned ACC and Ambuja Cement paid INR112 crore (vs INR95 crore) and INR50 crore (vs INR113 crore) respectively.
As India’s commercial capital, Mumbai accounts for around a third of the country’s direct tax collections. The Income-tax Department’s target for Mumbai for 2012-13 is INR1.78 lakh-crore, a 13.5% rise over the previous year.
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.