Stanchart India unit pays Rs4 bn Oct-Dec advance tax

Stanchart India unit pays Rs4 bn Oct-Dec advance tax

Mumbai: The Indian unit of Asia-focused Standard Chartered Bank has paid Rs4 billion ($86 million) as advance tax for the October-December quarter, income tax department sources said on Tuesday.

The bank had paid an advance tax of Rs4.3 billion a year ago, the sources said.

The Indian unit of Citibank paid Rs2.25 billion rupees compared with the same amount a year ago, the sources, who did not wish to be named, added.

Indian regulations require a certain percentage of tax payable for the fiscal year to be paid in advance in each quarter.

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