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Advance tax mop-up jumps 10 per cent in Q2

The overall advance tax realisation from the top 100 companies in the financial capital during the second quarter logged in a healthy 10 per cent rise.

BT Online Bureau   New Delhi     Last Updated: September 18, 2012  | 11:56 IST

The overall advance tax realisation from the top 100 companies in the financial capital during the second quarter logged in a healthy 10 per cent rise .

This was driven by handsome payout by top corporates like State Bank of India, Life Insurance Corporation and HDFC Bank, which helped negate a 15 per cent drop by the largest corporate Reliance Industries.

Advance tax is a staggered way of paying income taxes through the year to avoid piling up of tax liability for the yearend.

The overall growth in the top 100 corporate tax payers from the metrapolis, which contributes to over 30 per cent of the income collection annually, comes even as there has been gloomy news on the economic front.

"On a half-yearly basis, there has been an 11 per cent jump among the top 100 list", a senior income tax department official said on Monday.

Advance tax is generally taken as a barometer of corporate earnings for the period.

"The country's largest lender State Bank of India's advance tax payment was up 10.30 per cent to Rs 1,820 crore from Rs 1,650 crore it had paid a year ago", the official said, adding its competitors ICICI Bank (Rs 815 crore against Rs 650 crore) and Bank of Baroda (Rs 620 crore against Rs 600 crore) also did well during the reporting period.

The second largest private sector lender HDFC Bank, showed an impressive 37.5 per cent rise in payout, with the amount going up to Rs 1,100 crore from Rs 800 crore.

With inputs from PTI

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