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StanChart, HSBC, Barclays pay lesser advance tax in Q3 FY10

StanChart, HSBC, Barclays pay lesser advance tax in Q3 FY10
PTI
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First Published: Tue, Dec 15 2009. 06 13 PM IST
Updated: Tue, Dec 15 2009. 06 13 PM IST
Mumbai: Indian banks have paid a higher advance tax while major global banking majors, including Standard Chartered, Barclays and HSBC have paid a lesser amount in Q3 FY10 as compared to the year-ago period.
Standard Chartered Bank has paid Rs400-crore advance tax this quarter as against Rs431-crore in the same period last year. However, its total advance tax payment till Q3 FY10 has risen to Rs1,125-crore as against Rs1,083-crore last year, an Income Tax department source said.
HSBC, however, has seen a sharp decline in both with its payment for the quarter at just Rs175-crore as against Rs400-crore in the same quarter last year. Its overall advance tax payment in the three quarters of FY10 stands at Rs645-crore against Rs1,025-crore same period last year, the source said.
Another overseas bank, Barclays, which paid Rs60-crore in the year-ago period has shelled out only Rs25-crore as advance tax payment this time while its overall tax payment in the three quarters of this fiscal stands at Rs120-crore as against Rs190-crore last year.
Citi Bank has paid the same amount in Q3 this fiscal (Rs225-crore) as last year. The banking major, has, however, paid less for the three-quarters at Rs645-crore as against Rs700-crore in the year-ago period.
Interestingly, Deutsche Bank and Bank of America, have paid significantly higher at Rs160-crore and Rs110-crore respectively this quarter. They had paid Rs80-crore and Rs70-crore, respectively, last year.
The overall advance tax payment for the three-quarters for Deutsche Bank stands at Rs350-crore, up from the Rs330-crore in the year-ago period.
Bank of America too has paid a significantly higher Rs250-crore for the three-quarters as against Rs170-crore in the last year, IT source said.
Amongst Indian banks, State Bank has paid Rs1,795-crore in Q3 FY10 as against Rs1,700-crore in the same period last fiscal while for the three-quarters so far, it has shelled out Rs4,701-crore as against Rs3,923-crore last year.
Private sector Yes Bank, which paid just Rs37-crore in the year-ago period has shelled out Rs90-crore as advance tax this time, taking its overall tax payment in the three quarters of this fiscal to Rs175-crore as against Rs89-crore last year.
Exim Bank also has shown an upward trend by paying Rs155-crore advance tax this quarter against Rs65-crore in the year-ago period. The overall advance tax payment till Q3 FY10 is Rs175-crore as against Rs155-crore in the year-ago period.
Another private sector bank, Dhanalakshmi Bank, has paid Rs3.5-crore in Q3 FY10 while for the three-quarters so far, it has paid less at Rs13.5-crore as against Rs17-crore last year, a source in the know said.
IndusInd Bank has paid Rs65-crore in Q3 FY10 as against Rs22-crore in the year-ago period while for the three-quarters it has paid Rs125-crore as against Rs45-crore last year.
IDBI Bank has paid Rs74-crore in Q3 FY10 as against Rs19-crore in the year-ago period.
Public sector Life Insurance Corporation has paid Rs981-crore in Q3 FY10 as against Rs871-crore in the year-ago period while for the three-quarters so far, it has shelled out Rs2,389-crore as against Rs2,176-crore.
Deposit Insurance and Credit Guarantee Corporation (DICGC) has paid Rs660-crore this quarter as against Rs500-crore in the corresponding quarter of last fiscal and Rs1,510-crore for the three quarters of this fiscal as against Rs1,276-crore, the Income Tax source said.
Small Industries Development Bank of India (SIDBI) has paid a significantly higher Rs180-crore in Q3 FY10 as against Rs84-crore in the year-ago period and totally for the three quarters at Rs229-crore as against Rs114-crore in the same period last fiscal.
Two IT companies, Tata Consultancy Service (TCS) and i-Flex Solutions have paid higher advance tax this quarter, the IT source said.
i-Flex Solutions’ payment has vaulted to Rs45-crore as against Rs7-crore in Q3 FY10 and for the three-quarters so far Rs78-crore as against Rs10-crore last year, the IT source said.
Mangalore Refineries has paid Rs68-crore this quarter. In the year-ago period it had not paid advance tax. For the three-quarters so far, it has paid Rs230-crore so far as against Rs320-crore last fiscal.
Bajaj Auto has shelled out Rs320-crore this quarter as against Rs100-crore in the year-ago period and Rs540-crore for the three-quarters so far as against Rs240-crore last year, the source said.
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First Published: Tue, Dec 15 2009. 06 13 PM IST