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| MNC banks pay lesser advance tax in Q3 |
| Press Trust of India / Mumbai Dec 15, 2009, 19:24 IST |
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Major global banks such as Standard Chartered, Barclays and HSBC have paid lesser amounts in advance tax in the third quarter of this fiscal compared to the year-ago period, while the domestic banks have paid higher amounts during the same period.
The largest global bank operating in the country, Standard Chartered Bank, has paid only Rs 400 crore in advance tax this quarter against Rs 431 crore in the same period last year. However, its total advance tax payment till Q3 has risen to Rs 1,125 crore against Rs 1,083 crore last year, an Income Tax Department source said.
Another leading foreign bank HSBC, however, has seen a sharp decline in its advance tax payment for the third quarter at just Rs 175 crore against Rs 400 crore in Q3 last fiscal. Its overall advance tax payments in the three quarters of this fiscal too dipped sharply to Rs 645 crore against Rs 1,025 crore in the same period last year, the source said.
Similarly, another overseas bank, Barclays paid lesser advance tax this fiscal as a whole as well as the third quarter. Against Rs 60 crore advance tax payment in Q3 last fiscal, it has shelled out only Rs 25 crore in this Q3. There is a sharp decline in its overall tax payment in the three quarters of this fiscal also at Rs 120 crore against Rs 190 crore last year.
However, Citibank has paid the same amount in Q3 this fiscal (Rs 225 crore) as last year. The banking major, has, however, paid less for the three quarters at Rs 645 crore compared to Rs 700 crore in the year-ago period.
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