Leading multinational banks have paid more advance tax in the fourth quarter of the current financial year, 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 this quarter, worth Rs 400 crore and Rs 170 crore, respectively, an Income Tax source said. They paid Rs 150 crore and Rs 60 crore, respectively, in the year-ago period. While Standard Chartered Bank's tax payment remained unchanged at Rs 200 crore, another foreign banking powerhouse, HSBC, has paid more advance tax worth Rs 449 crore in this quarter, 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 worth Rs 70 crore and Rs 110 crore, respectively, in this quarter. Last financial year, in the same period, they had paid Rs 175 crore and Rs 252 crore, respectively. IDBI Bank too, paid less this time, a meagre Rs 2.6 crore, against Rs 25 crore in the fourth quarter of the last financial year.