Dec. 16 (PTI) -- The country's largest lender State Bank of
India today reported a 33 per cent decline in its advance tax
payment for the December quarter at Rs 1,130 crore.
The bank paid Rs 1,130 crore as against Rs 1,701 crore in
the corresponding period last fiscal, it said in a statement.
Advance tax is a system of staggered payments of income
taxes across the year in four quarterly instalments. It is
generally considered as a barometer of a company's performance
for a particular quarter.
Meanwhile, sources said mortgage lender HDFC is likely to
have paid Rs 650 crore in the reporting quarter against Rs 560
crore a year go, an increase of 16.07 per cent.
The last day for the December quarter tax payments has been
extended by two days to December 17 as December 15, which is the
usual date of payment, came on a weekend.
This is the second consecutive quarter that the country's
largest lender, and also one of the biggest taxpayers in the
financial capital, has shown a decline in its tax outgo.
In the September quarter, SBI had paid Rs 1,120 crore, down
40 per cent. The bank said for the September-November period,
its foreign offices paid Rs 216 crore in taxes. PTI AA BEN NSK
TVS 12161422
--
CA. Rajesh Desai
--
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