ValuePick's for 2014: Indian Corporate Adv Tax June 2011

"Wealth creation through systematic investment"

We all are investing to make more than what we have invested so that we can have more purchasing power in future.

Shared here are some of the ideas on how to create wealth out of your savings through systematic and organised investing in all spheres of investment portfolio. Effort here is to identify those areas where investment could fetch greater returns in long term perspective

We believe there should be mix of insurance policies, equities, bonds/ debt instruments, mutual funds, precious metals, real estate properties, loans in your portfolio to make your investment wealthy.

Investing in stock market, debt instruments, mutual funds, real estate without proper evaluation are prone the risk of 'loss of capital' due to general financial risk of market, promotors & operators not acting in bonafide interest of small investors etc

The issues posted here are only a fig of a tree and investor who are investing their hard earned money are advised to independently analyse the issues or consult an investment advisor before making any decision.

"CAUTIONARY NOTE" - this blog is not responsible for any loss, whatsoever . please do consult an investment advisor if your not able to evaluate the investment / economic / risk scenario independently

feel free to contact us at
sherkochiraj@indiatimes.com or at rmanjuesh@gmail.com

Thursday, June 16, 2011

Indian Corporate Adv Tax June 2011

The amount of Advance Tax payable and due dates for Corporate Tax Payers viz. Local Authorities, Cooperatives, Firms, Domestic Companies and Other than Domestic Companies as per Sec 211 of
Income Tax Act, 1961 on the Income calculated in the manner laid down in section 209 of ibid
shall be as follows.
    on or before the 15th June             Not less than fifteen per cent
    on or before the 15th September   Not less than forty-five per cent
    on or before the 15 th December   Not less than seventy per cent
    on or before the 15 th March         Not less than 100 per cent
Non payment of Advance Tax instalments on 15th June, 15th September ,15th December and 15 th March attracts interest as per 234C of the Act at the rate of 1% on the amount short paid for 3 months.

If Advance Tax falling due on 15th March is not paid in full , interest at the rate of 1% on the amount short remitted for 1 month is to be paid. even if the delayed is
by even a day, interest is to be paid on the entire instalment amount.

If advance tax paid by March 31 is less than 90 per cent of the total tax payable, an interest as per 234B of the Act @ 1 per cent per month on the deficit amount from April 1st of the following year till the date of filing of return is leviable .

So what is the Corporate Advance Tax paid by Indian corporates for 15 June 2011
Notwithstanding a massive fall in factory output in April 2011 and inflation crossing 9.5 percent for May 2011 , advance tax pay-up by India Inc for the first quarter June 2011 has increased by 14 percent , easing concerns of economic slowdown.

State Bank of India paid Rs 1,100 crore against Rs 850 crore in the year-ago period
Reliance Industries paid Rs 900 crore against Rs 650 crore last year
Citibank saw its advance tax outgo jumping 50% to Rs 150 crore from Rs 100 crore,
IDBI Bank paid advance tax soaring of Rs 180 crore as against Rs 81 crore
The second-largest foreign bank HSBC, paid Rs 250 crore against Rs 225 crore .
Bank of Baroda doled out Rs 250 crore as against Rs 225 crore,
Bank of India paid Rs 165 crore against Rs 158 crore,
Dena Bank around Rs 55 crore against Rs 45 crore,

So be invested in Banks especially my favourite IDBI Bank