SBI disappoints in Q4 advance tax payment: Sources

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SBI disappoints in Q4 advance tax payment: Sources

The biggest disappointment in advance tax payment seems to be coming from the corporate banks which have so far been the biggest advanced taxpayers in several other quarters.

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The biggest disappointment in advance tax payment seems to be coming from the corporate banks which have so far been the biggest advanced taxpayers in several other quarters, reports CNBC-TV18's Ashwin Mohan citing sources. The disappointment comes from India's largest bank, SBI or the State Bank of India. Based on estimates from reliable sources, it is learnt that the bank is likely to have paid approximately Rs 1400 crore versus Rs 1900 crore.

What this means is that it is a dip not only for Mumbai but maybe also for India. The company had to tackle issues relating to pension provisioning. However, the rest of the banking sector looks very smooth. HDFC Bank had impressive numbers of Rs 500 crore versus Rs 300 crore, Bank of Baroda - Rs 400 crore versus Rs 300 crore, Bank of India - Rs 325 crore versus Rs 100 crore and IndusInd bank - Rs 100 crore versus Rs 65 crore.

The Tata group presented quite a mixed bag of numbers. The biggest in the group is Tata Steel , paying Rs 900 crore versus Rs 500 crore. Tata Motors however disappointed with a Rs 50 crore payment versus Rs 115 crore despite a big rise in auto sales. Tata Chemicals paid Rs 20 crore versus Rs 40 crore, while Tata Power recorded a Rs 40 crore payment versus Rs 60 crore.

There are also several corporates who have returned zero tax payments. The likes include BPCL , Bombay Dyeing , Century Textile also reported a dip, Abbott Healthcare recorded zero versus zero.

List of advance tax payers in Q4