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SBI Advance Tax payment for March 2014 at Rs 1456 crores

March 18, 2014‐ Mumbai, India

The India's largest bank, the State Bank of India, has paid Rs. 1456 crores towards advance tax payment for March 2014 installment of the financial year 2013-14. This amount is marginally up compared to the Rs. 1450 crores paid in March 2013 for the financial 2012-13.

Meanwhile, the Central Board of Direct Taxes (CBDT) has issued an order to extend the time limit to make such payments of Advance Tax, from 15th March, 2014 to 18th March, 2014.

The advance tax payment of the final instalment of SBI appears that the bank's performance might be more or less like the same of what it was last year. Banking experts say that the Indian banking industry might show muted performance during the year.

Yes Bank, a private sector bank, has reported paying Rs. 200 crores towards advance tax payment. This is about 20% increase compared to its payment of Rs. 167 crores paid for the corresponding period last year.

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