News Detail

<p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Advance tax paid by the top 100 companies rose 14 per cent in the June quarter at INR 13,530 crore, against INR 11,830 crore logged in the same period last year, according to sources in the Income-Tax Department. The last date to pay advance tax was June 15.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">The corporate tax mop-up from Mumbai-based companies, which account for 30 per cent of the annual collection, was boosted largely by higher remittance from oil refining and marketing companies. Manufacturing, banks and fast moving consumer goods firms, however, were laggards. Corporate houses have to pay advance tax on their projected earnings a fortnight before the end of every quarter.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Reliance Industries, which is fighting a pitched battle with the Government for a higher gas price, increased its payout by 6 per cent to INR 826 crore (INR 779 crore). Life Insurance Corporation marked up its remittance by 20 per cent to INR 849 crore.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Among oil marketing companies, Bharat Petroleum Corporation and Hindustan Petroleum Corporation paid 48 per cent and 56 per cent more tax, at INR 197 crore and INR 90 crore, respectively. Indian Oil Corporation, which skipped payment last year, deposited INR 136 crore.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Bogged down by rising bad loans and consequent provisioning, most public sector banks either trimmed or maintained the payout at last year&rsquo;s level. Payments by State Bank of India and Bank of Baroda were up 3 per cent and 2 per cent, respectively, at INR 1,240 crore and INR 330 crore.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">While Central Bank of India&rsquo;s payout was down 53 per cent at INR 109 crore, Bank of India&rsquo;s was up 17 per cent at INR 240, and Union Bank&rsquo;s rose 9 per cent to INR 229 crore. Among private banks, ICICI Bank&rsquo;s remittance moved up 14 per cent to INR 725 crore, while that of Kotak Mahindra Bank was higher at INR 135 crore (INR 112 crore). HDFC Bank&rsquo;s was up 16 per cent at INR 820 crore.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Among foreign banks, Standard Chartered Bank and Hong Kong and Shanghai Banking Corporation&rsquo;s payments were down 15 per cent and 27 per cent, respectively, at INR 320 crore and INR 218 crore. Citi Bank&rsquo;s was up 3 per cent at INR 330 crore.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial"><strong>TCS tops list</strong><br /> <br /> Among Tata Group companies, Tata Consultancy Services topped the list at INR 710 crore (INR 455 crore), even as Tata Power&rsquo;s tax outgo was down 82 per cent at INR 2 crore. Tata Steel paid 40 per cent more at INR 450 crore, while Tata Chemicals&rsquo; stood at last year&rsquo;s level of INR 29 crore. Aditya Birla Group companies UltraTech Cement, Hindalco Industries and Grasim Industries paid lower tax of INR 80 crore (INR 105 crore), INR 20 crore (INR 30 crore) and INR 18 crore (INR 19 crore), respectively.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Source-On Request</span></span></span></p>