Foreign, pvt banks pay higher advance tax
Mumbai: Leading multinational banking majors have paid more advance tax in Q4 FY 11 indicating a healthy financial performance from their side while its been a mixed bag from Indian banks, especially public sector ones.
Citibank and Deutsche Bank have both paid a significantly higher advance tax in Q4 FY 11 at Rs 400-crore and Rs 170-crore, respectively, an Income Tax source told PTI here on Tuesday.
They had paid Rs Rs 150-crore and Rs 60-crore, respectively, in Q4 FY 10.
While Standard Chartered Bank`s tax payment remained unchanged at Rs 200-crore, another foreign banking powerhouse, HSBC, has paid more advance tax at Rs 449-crore in Q4 FY 11 as against Rs 190-crore in the year-ago period, the source said.
Amongst Indian public sector banks, Union Bank and Central Bank have paid less advance tax at Rs 70-crore and Rs 110-crore, respectively, in Q4 FY 11. Last fiscal, in the same period, they had paid Rs 175-crore and Rs 252-crore, respectively.
IDBI Bank too has paid less this time, a meagre Rs 2.6-crore as against Rs 25-crore in Q4 last fiscal, the source said.
Bank of Baroda (BoB), a state-run entity, has however, paid more at Rs 400-crore this time as against Rs 300-crore in Q4 last fiscal.
Private banks such as HDFC Bank and ICICI Bank seem to have fared well this fiscal as their outflows are higher. HDFC Bank has paid Rs 540-crore as advance tax this time as against Rs 300-crore in the year-ago period while ICICI Bank has shelled out Rs 475-crore as against Rs 350-crore in Q4 last fiscal, the source said.
Home-loans lender, HDFC, has paid more in Q4 FY 11 at Rs 340-crore as against Rs 280-crore in the same period last fiscal, while public sector life insurance behemoth, LIC, has paid Rs 931-crore this time as against Rs 864-crore in the year-ago period, the source said.