Re: {LONGTERMINVESTORS} ADVANCE TAX FIGURES... thread
RAJESH DESAI
Top companies pay lower advance tax, TCS outgo more than double
NEW DELHI: Advance tax collections from top 100 companies went up around 10% despite large companies - Reliance Industries, State Bank of India, Tata Motors and Mahindra & Mahindra - witnessing a fall in third installment.
The country's top 100 companies have paid around 10% higher advance tax during the third quarter of the current financial year. The leading player seems to be TCS, the country's largest software exporter, whose payout more than doubled to Rs 530 crore in the third quarter against Rs 230 crore a year ago. Tata Motors saw the maximum dip with payment falling to Rs 80 crore, compared to Rs 220 crore last year, according to the income tax department. While overall growth in GDP has been moderated, industrial output has been declined in October.
Companies have to pay taxes in four installments with one due every quarter. Thursday was the deadline for payment of advance tax for the third quarter. The initial data pertains to Mumbai, which account for bulk of the corporation tax collections. "Overall, the tax payout by the top 100 corporates jumped over 10% this quarter. This is excluding the oil companies which paid no taxes this time around," a senior income tax official said.
According to initial numbers, RIL's advance tax payment fell nearly 16% to Rs 1,000 crore , compared to Rs 1,190 crore a year ago. Similarly SBI's third installment was down Rs 130 crore or 7% to Rs 1,730 crore, while M&M's payout fell marginally to Rs 220 crore from Rs 230 crore. There were others such as Piramal Healthcare paid no tax this time around against Rs 1,200 crore last year. So was RCOM, while RInfra paid Rs 60 crore.
But there were those such as Hindustan Zinc which paid Rs 400 crore as advance tax, which is 23% higher than the payment made last December.
--
CA. Rajesh Desai
RAJESH DESAI
While the advance tax payment by LIC and Bank of Baroda has shown an improvement, L&T and General Insurance Corporation paid nearly the same amount as in the corresponding quarter last year.
Advance tax payment is a clear reflection of the health of a company in particular and the economy in general and a lower payout indicates their lower profitability.
Companies pay advance taxes in four installments. In the current quarter, they are bound to pay up 30 per cent of their annual tax liability.
The largest financial institution, LIC, led the list of companies that paid up their advance tax this morning, with a spike in the amount to Rs 1,200 crore from Rs 1,070 crore a year ago, a senior income tax official said here today.
However, the largest engineering and construction conglomerate L&T's payout was almost flat at Rs 350 crore, versus Rs 340 crore, while the third largest state-run lender, Bank of Baroda, saw its tax payout jump to Rs 550 crore from Rs 420 crore.
General Insurance Corporation, too, saw its tax liability go up marginally to Rs 135 crore for the third quarter from Rs 130 crore in the year-ago period.
--
CA. Rajesh Desai
RAJESH DESAI
| Q3 ADVANCE TAX - A BLEND OF RED AND GREEN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 By Ruma Dubey Since the morning today, here has been a flurry of news from many companies, declaring their Q3 advance tax numbers. And it becomes apparent that FY12 will be a mixed picture of red and green. We were celebrating green shoots last year and this year the same shoots seem to be wilting. Yes, there will be a few plants which could blossom into lissome trees but those will be far and few in between, leaving us to bear the harsh sun. Overall, the picture is mixed and not as bad as one had expected. The pain which we are seeing in the OMCs is reflected in the advance tax collections. IOC has not paid advance tax through any of the quarters in current fiscal. BPCL did not pay any tax in third quarter but in Q2 it paid a token Rs.35 crore. Equally shocking was the sharp fall in payment by Century Textiles and Piramal Healthcare. Tata Motors lower tax, a YoY fall of 64% was also quite a setback. The pain in the capital goods sector was also visible with both L&T and Crompton paying lower tax. Two wheelers seem to be a on a good road as Bajaj Auto remained robust, with a QoQ as well as YoY rise and so did Hero Moto. SBI on a YoY showed a 4% drop while QoQ, the outgo was up 3%. But Central Bank of India showed a drop YoY as well as QoQ. Private sector banks have done well. Especially surprising is the fact that HDFC as well as LIC Housing posted much higher tax outgo in Q3 and this in the current seemingly glut situation in the housing sector, indicates that the housing finance sector, despite the macro factors, remains quite good. ICICI Bank maintained a status quo, paying Rs.450 crore, ditto as that paid in Q3FY11. The relief was that at least it had not paid lesser. Equally good news was the higher outgo coming in from the cement sector and ditto for the FMCG sector led by ITC. Robust payment from TCS is also a good sign. Clearly, these are some of the sectors, which one can expect to show good growth in Q3 numbers. Tax officials said that the advance tax receipts for the October-December quarter are unlikely to bring good news, especially from the Mumbai circle. As per Central Board of Direct Taxes (CBDT), net direct tax collection in 2011-12 would be around Rs 5,00,000 crore as against the Budget target of Rs.5,32,651 crore, a possible Rs 25,000-crore shortfall. CBDT has stated that initial indication of direct tax mop-up in December was itself not encouraging and this is despite the advance tax payments expected today. With the Govt already pushed to the wall for money, if the total mop up is not good enough, we should be prepared for a step up in the investigation process, initiating search and seizure operations.
NAME OF COMPANY Q3FY12 Q3FY11 % RIL 1002 1190 (16) ACC 95 40 138 AMBUJA CEMENT 115 60 88 ULTRA TECH CEMENT 210 230 (9) HDFC BANK 900 750 20 INDUSIND BANK 120 110 9 LIC HSNG 90 80 12 HDFC 475 400 19 BANK OF INDIA 100 150 (33) KOTAK BANK 150 80 87 GODREJ CONNSUMER 40 15 167 ZEE ENT 40 40 - CASTROL 70 80 (12) STATE BANK OF INDIA 1750 1830 (4) CENTRAL BANK OF INDIA 100 180 (44) CENTURY TEXTILES 3 24 (87) ALOK TEXTILES 32 35 (8) GRASIM 100 125 (20) L&T 350 340 3 CROMPTON GREAVES 62 78.5 (21) PIRAMAL HEALTHCARE NIL 1200 - GLAXO 80 90 (11) NOVARTIS 20 18 11 PFIZER 30 25 20 NTPC 836 596 40 HIND ZINC 400 325 23 ITC 910 790 15 HUL 300 220 36 TCS 550 220 150 TATA POWER 80 60 33 TATA MOTORS 80 220 (64) TATA CHEM 70 55 27 BAJAJ AUTO 450 370 22 HERO MOTO 180 120 50 M&M 220 230 (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CA. Rajesh Desai
RAJESH DESAI
The finance ministry can take some of this back through higher dividends from these companies.
The government paid out Rs 69,000 crore as income tax refunds by end November this fiscal, against Rs 75,000 crore in the whole of 2010-11 fiscal.
SBI, NTPC, Life Insurance Corporation received substantial income tax refunds, which are expected to shore up their bottom lines.
SBI and NTPC both received Rs 2,500 crore each while Bank of India got Rs 1,650 crore, according to the provisional data available with the tax authorities, an income tax official told ET.
In contrast, the refunds to private companies were lower. "The estimation of income and taxes is seen as slightly lax in PSEs...," said a senior partner with one of the big four consulting firms.
There is also a feeling that the state-run firms usually pay up higher advance tax than they are liable to help the government meet any shortfall in tax collections.
However, another income tax official said the issue is more about aggressive tax planning by the private sector companies.
The Rs 2,500 crore cheque will certainly be timely for the State Bank of India, which has seen its profits decline sharply and is in urgent need of capital infusion to achieve an end year tier-1 capital adequacy ratio of 8%.
The front loading of tax refunds has skewed the fiscal management as net direct tax collections growth has been only 8.63 % up to November, but the government expects an improvement in situation from December onwards.
 |
Till last year the tax refunds were issued in the second half of the financial year. Fiscal deficit at the end of October was 74.4% of the budget estimates as against the five year moving average of 54.6%.
Front loading of refunds has not only being pursued as a policy initiative but also due to expeditious processing.
But despite expeditious refunds, provisional data shows that as many as 19.41 lakh returns were pending as on October 1, 2011, indicating that the outgo on account of refunds may go up further.
Tax authorities say frontloading refunds helped the government save on the interest costs that amounted to about Rs 10,000 crore in 2010-11.
Reliance Industries Ltd has paid advance tax of Rs 1000 cr as against Rs 1190 cr in the previous year.
--On Thu, Dec 15, 2011 at 2:27 PM, RAJESH DESAI <stock...@gmail.com> wrote:HDFC HAS PAID 475 CRS V/S 400 CRS--On Thu, Dec 15, 2011 at 9:59 AM, RAJESH DESAI <stock...@gmail.com> wrote:
Glaxo pharma has paid 80 crs against 90 crs in previous qtr.--On Sat, Dec 10, 2011 at 1:39 PM, kuku manmohan <manmoh...@gmail.com> wrote:
With the finance minister going on record to say that there could be fiscal slippages this year, the taxman is feeling the heat with revenue targets looking elusive. CNBC-TV18's Neha Arora reports that upcoming advance tax figures may affirm these fears.
The government's fiscal consolidation plans are circling the drain and slowing tax collections offer no support. Given the sharp fall in industrial activity, corporate profitability has taken a hit and tax revenues are dwindling. Tax officials said that the advance tax receipts for the October-December quarter are unlikely to bring good news, especially from the Mumbai circle.
Though Mumbai is currently ahead of last year's collections, it is 15% short of the November-end target.
Mumbai tax officials said that meeting the original Rs 1.85 lakh crore annual collection targets will be difficult, forget the revised target of Rs 2.04 lakh crore. Working against the taxman is the weak market sentiment. This has led to a sharp fall in Securities Transaction Tax collections.
The tax department is now looking at alternate revenue streams like a plan to raise transfer pricing adjustments worth Rs 50,000 crore against corporate India. It is also hoping that a favourable judgement from the Supreme Court next week in the Vodafone case could result in a Rs 12,000 crore gain.
Going by trends from the first half of the year, the IT department is also looking at the banking sector, specifically SBI , to throw it a life-line. It also hopes the auto sector may pay substantial advance tax, thanks to a strong performance by players like M&M , Bajaj and Hero MotoCorp .
When it comes to oil companies, it's not holding its breath, mainly because these firms are yet to receive subsidy dues from the government. Nor is the manufacturing space holding out much hope with experts predicting weak industrial output next week as well.
Clearly, the taxman is not very happy, as he may have to tell his bosses that targets are out of reach.
--On Fri, Dec 9, 2011 at 2:54 PM, RAJESH DESAI <stock...@gmail.com> wrote:
The third advance tax installment is due on 15 December 2011, which may provide cues on Q3 December 2011 corporate earnings. Advance taxes are collected in four installments -- 15% by 15 June; 40% by 15 September; 75% by 15 December and 100% by 15 March.please post details of advance tax paid in this thread.
Manmohan Tandan
CA. Rajesh Desai
CA. Rajesh Desai
CA. Rajesh Desai
--
CA. Rajesh Desai
RAJESH DESAI
RAJESH DESAI
atc.are details.--On Fri, Dec 16, 2011 at 9:53 AM, karishma suvarna <karishma...@gmail.com> wrote:
Notwithstanding economic slowdown, the overall advance tax payout by top 100 companies jumped over 10% in the third quarter of the current fiscal and software major TCS reported the maximum hike.
TCS , the country's largest software exporter, paid up Rs 530 crore in the third quarter against Rs 230 crore in the same period last year. Tata Motors saw the maximum dip (Rs 80 crore vs Rs 220 crore), according to the Income Tax Department.
"Overall, the tax payout by the top 100 corporates jumped over 10% this quarter over the year-ago period. This is excluding the oil companies which paid no taxes this time around," a senior income tax official told PTI this evening, requesting anonymity.
Major tax payers like the largest private sector company Reliance Industries , SBI , Tata Motors , and Mahindra & Mahindra among others, made lower payments this time around. RIL paid only Rs 1,000 crore for the period against Rs 1,190 crore in the comparable quarter, while SBI paid 1,730 crore, down from Rs 1,860 crore. M&M's payout fell marginally to Rs 220 crore from Rs 230 crore.
Piramal Healthcare paid no tax this time around against a whopping Rs 1,200 crore last year. So was Reliance Communications , while its sister concern RInfra paid Rs 60 crore against nil in the comparable period.
These numbers come amidst the gloom spreading in the economy: the factory output number for October came as a rude shock. At a contraction of 5.1%, this has been the steepest fall in industrial production since June 2009. Exports too have been falling since the peak in July.
--
Karishma Suvarna
CA. Rajesh Desai
--
CA. Rajesh Desai
RAJESH DESAI
HDFC likely to pay 400 crs v/s 320 crs.
Dena bank to pay double advance tax this qtr.
--
CA. Rajesh Desai
RAJESH DESAI
RAJESH DESAI
Ambuja: Rs60cr vs Rs50cr YoY;
ACC: Rs45cr vs Rs40cr YoY;
OIL: Rs175cr vs Rs165cr YoY;
Bajaj Auto: Rs150cr vs Rs125cr YoY;
Glenmark: Rs8cr;
HUL: Rs150cr vs Rs95cr YoY;
NMDC: Rs540cr vs Rs500cr YoY;
RIL: Rs770cr vs Rs900cr YoY;
HDFC: Rs300cr vs Rs255cr YoY;
ONGC: Rs1300cr vs Rs1070cr YoY;
Big Bank: Rs1170cr vs Rs1100cr YoY;
BOB Rs300cr vs Rs270cr YoY;
BoI: Rs175cr vs Rs170cr;
BPCL: Rs68cr vs Rs77cr
--
CA. Rajesh Desai
RAJESH DESAI
Advance tax payments of most top corporates in the first quarter of this fiscal increased despite widening economic gloom, sources in the Income-Tax Department said on Friday.
State Bank of India, the country’s biggest lender, led the list with an advance tax payment of Rs1,170 crore as against Rs1,100 crore in the year-ago period.
Insurance behemoth LIC paid Rs630 crore (Rs582 crore), while housing finance major HDFC paid Rs300 crore (Rs255 crore).
Among
state-owned lenders, Bank of Baroda paid Rs315 crore (Rs270 crore),
while Bank of India’s payout was almost flat at Rs175 crore (Rs170
crore).
Top private lender ICICI Bank too saw its tax payout rising 25% to Rs500 crore, while HDFC Bank paid Rs500 crore (Rs400 crore). Among smaller peers, IndusInd Bank saw its outgo rising 50% to Rs60 crore and Kotak Mahindra Bank by 25% to Rs75 crore.
Among the automakers, M&M’s tax outgo stood flat at Rs90 crore, bike maker Bajaj Auto’s at Rs150 crore (Rs125 crore) and Tata Motors’ at Rs55 crore (Rs60 crore).
Among other Tata group companies, TCS paid Rs320 crore (`250 crore) and Tata Steel Rs270 crore (Rs260 crore).
In the FMCG space, Hindustan Unilever paid 45% more at Rs140 crore, Colgate Palmolive Rs24 crore (Rs20 crore) and Godrej Consumer Products to Rs15 crore (Rs17 crore).
L&T saw its outgo falling to Rs160 crore from Rs180 crore, Hindalco to Rs50 crore (Rs70 crore) and Castrol to Rs38 crore (Rs40 crore).
Cement maker Ultratech saw its outgo
nearly trebling to Rs110 crore (Rs40 crore), while peer Ambuja paid
Rs60 crore (Rs50 crore) and ACC paid Rs45 crore (Rs40 crore).
In the
pharma pack, GlaxoSmithKline paid Rs50 crore (Rs43 crore), while Cipla’s
tax outgo was Rs45 crore (Rs35 crore), Glenmark’s Rs7.50 crore (Rs3
crore) and Johnson & Johnson’s Rs26 crore (Rs17 crore).
Significantly, state-run refiner Indian Oil paid Rs125 crore in advance tax against nil last year.
Corporate entities pay 15% of their annual estimated tax liability in April-June, 30% in July-September and October-December each, and the rest by March 15.
“The increase shows there is no serious deterioration in corporate earnings,” said Gajendra Nagpal, chief executive officer with New Delhi-based Unicon Financial Intermediaries.
“Most people expected the numbers to be less than last year,” he said.
Economic growth slumped to 5.3% in the quarter ended March, the lowest in nine years, hit by the global economic crisis and a slew of domestic factors.
CA. Rajesh Desai
Rajesh Desai
Rajeshji, pls share details of payments made.On Sat, Jun 1, 2013 at 12:52 PM, Rajesh Desai <stock...@gmail.com> wrote:
Investors will watch the figures of Q1 advance tax payment of India Inc which falls due on 15 June 2013. The Q1 advance tax numbers could provide cues on Q1 June 2013 corporate earnings. Advance taxes are collected in four installments -- 15% by 15 June; 40% by 15 September; 75% by 15 December and 100% by 15 March.
--
CA. Rajesh Desai
--
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsr...@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
--
Yamini Chopra--
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsr...@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
--
CA. Rajesh Desai
Rajesh Desai
Standard Chartered Bank paid Rs 300 crore while HSBC paid Rs 276 crore in the first quarter.On Sat, Jun 15, 2013 at 11:51 AM, Rajesh Desai <stock...@gmail.com> wrote:
State Bank of India, country’s largest lender has paid the advance tax of Rs 1,202 crore in the first quarter against Rs 1,173 crore in the same period last year.
In addition, SBI has paid Rs 105 crore has been paid at our foreign offices, it said in a statement.
--
CA. Rajesh Desai
--You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsr...@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
--With best regards,Tiger Stocks
--
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsr...@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
--
CA. Rajesh Desai
Rajesh Desai
CA. Rajesh Desai
Rajesh Desai
India today reported a 33 per cent decline in its advance tax
payment for the December quarter at Rs 1,130 crore.
The bank paid Rs 1,130 crore as against Rs 1,701 crore in
the corresponding period last fiscal, it said in a statement.
Advance tax is a system of staggered payments of income
taxes across the year in four quarterly instalments. It is
generally considered as a barometer of a company's performance
for a particular quarter.
Meanwhile, sources said mortgage lender HDFC is likely to
have paid Rs 650 crore in the reporting quarter against Rs 560
crore a year go, an increase of 16.07 per cent.
The last day for the December quarter tax payments has been
extended by two days to December 17 as December 15, which is the
usual date of payment, came on a weekend.
This is the second consecutive quarter that the country's
largest lender, and also one of the biggest taxpayers in the
financial capital, has shown a decline in its tax outgo.
In the September quarter, SBI had paid Rs 1,120 crore, down
40 per cent. The bank said for the September-November period,
its foreign offices paid Rs 216 crore in taxes. PTI AA BEN NSK
TVS 12161422
--
CA. Rajesh Desai