Foreign, private banks pay higher advance tax

Mumbai: Leading multinational banking majors have paid more advance tax in Q4 FY 11 indicating a good financial performance against a mixed bag from Indian banks, especially public sector banks.

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 said.

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 sources 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 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.

Public sector life insurance behemoth, LIC, paid Rs. 931-crore this time as against Rs. 864-crore in the year-ago period, the source said.

Source: Financial Express