"In this world nothing can be said to be certain, except death and taxes," said Benjamin Franklin, one of the Founding Fathers of the United States. He was right. Taxes have not just stayed since then but have also become more pervasive. For most of us, they mean less money in hand. But there are some companies for which they have meant more profits or a reduction in losses.
The table below lists companies which have received significant tax write-backs in the previous financial year. These write-backs are more than 25 per cent of their profits before taxes. Because of these tax credits, their profits have got a boost or their losses have significantly reduced. One should take into account the impact of the write-backs to form a proper picture of their performance.
|Company name||Profit before tax (Rs cr)||Tax write-back (Rs cr)||Profit after tax (Rs cr)||Tax to PBT (%)|
|Aditya Birla Fashion||49||69||118||140.5|
|State Bank of India||-12245||8058||-4187||65.8|
|Bank of Maharashtra||-3232||2120||-1112||65.6|
|United Bank of India||-2947||1492||-1454||50.6|
|Udaipur Cement Works||-73||30||-43||40.7|
|Lakshmi Vilas Bank||-951||366||-585||38.5|
|Punjab National Bank||-19846||7262||-12584||36.6|
|Central Bank Of India||-7876||2780||-5096||35.3|
|JK Lakshmi Cement||33||11||43||33.4|
|Steel Authority of India||-811||245||-566||30.2|
|Bank of India||-8660||2587||-6073||29.9|
|Indian Overseas Bank||-8632||2332||-6299||27|
|Data as on August 13, 2018. Market cap more than Rs 500 crore. Tax to PBT over 25%|