Demonetisation effect: Smaller firms help shore up advance tax numbers

December 30, 2016 13:37

While advance corporation tax collections from large companies have been muted in the third quarter, robust tax payments by smaller firms may have made up for the shortfall.

Advance corporation tax posted a 10% growth in the first three quarters, against 8% in the first half of the financial year, said an official. This meant that growth in tax numbers was more than 10% in the third quarter (up to December 15). The growth in the first three quarters of the previous financial year was only seven%, the official added. Small and medium players may have reported higher earnings in their books to explain large unaccounted cash in old notes.

Dilasha Seth/Business Standard

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