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India Inc's advance tax kitty surges

Mirroring the uptick in the economy, corporate India's advance tax payments have jumped sharply in the April-June quarter of this fiscal.

business Updated: Jun 15, 2010 21:44 IST

Mirroring the uptick in the economy, corporate India's advance tax payments have jumped sharply in the April-June quarter of this fiscal.

Giving details of the advance tax collection, an Income Tax official said Life Insurance Corporate paid an advance tax of Rs 533 crore compared to Rs 469 crore in the year-ago period, a 13.6 per cent rise.

Tuesday was the last day for making advance tax payments.

General Insurance Corporation saw a steep hike of 170.5 per cent in its advance tax payments at Rs 46 crore from Rs 17 crore in the year-ago period, while the steepest was that of HDFC Asset Management Company that paid Rs 60 crore compared to Rs 10 crore. HDFC AMC's higher tax payment also reflects the growth in capital markets.

Housing lender HDFC Ltd paid an advance tax of Rs 215 crore as against Rs 175 crore, while Yes Bank paid Rs 50 crore compared to Rs 27 crore.

Aditya Birla group company Hindalco paid Rs 55 crore compared to Rs 45 crore, while Crompton Greeves gave Rs 38 crore as against Rs 28 crore.

However, there was no change in tax payments of FMCG major Hindustan Unilever that stood at Rs 75 crore.
Glaxo Smithkline deposited Rs 42 crore this quarter as compared to Rs 39 crore.

The government proposes to collect Rs 3.01 lakh crore as corporate tax during the current fiscal, up from Rs 2.5 lakh crore in the previous fiscal.