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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 ones.
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.
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