IT dept persuades firms to deposit 45% of advance tax by 15 September 2017

Inconsistency in advance tax outgo prompted such move

by Arjit Singh Bhambra

The income tax (IT) department is persuading country’s top 40-45 advance tax-paying firms to make a payment of 45 per cent of the full-year’s advance tax by 15 September 2017, according to a report in Business Standard. The tax department recently conducted an outreach programme to educate companies on tax provisions and procedures related to advance tax colection. Advance tax collections and payments relating to tax deducted at source (TDS) were significantly lower during the June 2017 quarter. Such inconsistency in advance tax collections has prompted the IT department to initiate pre-emptive measures for ensuring that the tax collection target is on track. The CBDT has set a deadline of October 2017 for improving the overall growth rate of tax collection.

References
1. www.business-standard.com/article/economy-policy/i-t-dept-calls-big-corporate-entities-to-pay-advance-taxes-117091201566_1.html
CMIE STATISTICS
Unemployment Rate
Per cent
4.8 +0.0
Consumer Sentiments Index
Base September-December 2015
97.2 -0.2
Consumer Expectations Index
Base September-December 2015
96.5 0.0
Current Economic Conditions Index
Base September-December 2015
98.2 -0.5
Quarterly CapeEx Aggregates
(Rs.trillion) Mar 17 Jun 17 Sep 17 Dec 17
New projects 4.00 2.11 1.18 0.84
Completed projects 1.95 0.86 1.03 0.90
Stalled projects 0.74 2.67 0.67 0.80
Revived projects 0.86 0.30 0.29 0.20
Implementation stalled projects 0.33 0.69 0.73 0.58
Updated on: 22 Jan 2018 9:20AM
Quarterly Financials of Listed Companies
(% change) Mar 17 Jun 17 Sep 17 Dec 17
All listed Companies
 Income 10.2 9.7 7.9 10.8
 Expenses 11.9 10.0 9.2 10.5
 Net profit 16.1 -19.8 -20.0 15.0
 PAT margin (%) 6.0 5.3 5.4 14.9
 Count of Cos. 4,460 4,387 4,310 153
Non-financial Companies
 Income 11.8 10.3 7.7 9.9
 Expenses 15.6 10.6 7.8 9.8
 Net profit -2.3 -25.2 -7.9 13.9
 PAT margin (%) 6.2 5.2 6.1 14.6
 Net fixed assets 6.9 9.0
 Current assets 2.7 78.0
 Current liabilities 8.8 10.6
 Borrowings 4.9 10.1
 Reserves & surplus 6.3 4.8
 Count of Cos. 3,448 3,406 3,346 111
Numbers are net of P&E
Updated on: 22 Jan 2018 9:20AM
Annual Financials of All Companies
(% change) FY14 FY15 FY16 FY17
All Companies
 Income 10.0 5.3 1.4 6.6
 Expenses 9.9 5.4 1.5 7.1
 Net profit -2.5 1.6 -12.6 18.7
 PAT margin (%) 3.1 3.2 2.9 5.7
 Assets 12.3 9.4 9.8 8.3
 Net worth 9.6 8.7 10.8 7.2
 RONW (%) 6.1 6.1 5.1 8.3
 Count of Cos. 24,439 24,353 22,049 8,816
Non-financial Companies
 Income 9.7 4.5 0.5 6.4
 Expenses 9.4 4.6 -0.3 7.6
 Net profit -3.1 -5.5 12.5 11.8
 PAT margin (%) 2.2 2.1 2.6 5.3
 Net fixed assets 11.7 13.3 15.6 7.3
 Net worth 8.2 7.1 11.2 5.3
 RONW (%) 5.0 4.9 5.4 9.0
 Debt / Equity (times) 1.1 1.1 1.1 0.8
 Interest cover (times) 2.0 1.9 2.0 2.9
 Net working capital cycle (days) 69 67 65 52
 Count of Cos. 19,688 19,805 18,467 6,761
Numbers are net of P&E
Updated on: 21 Jan 2018 12:27PM

Data added for HPI at Assessment prices and HPI at Market prices