In yet another signal of economic recovery, India’s 90 leading companies have posted a healthy 20 per cent increase in their advance tax payment for 2009-10 over the previous year.
However, over the quarter ended March 2010, the rise is just 2.7 per cent.
According to an Income Tax department official, for the full year 2009-10, advance tax payment for companies that include State Bank of India (SBI), Reliance, ICICI Bank and HDFC Bank, rose by Rs 7,560 crore to Rs 45,781 crore.
The figure for the previous year stood at Rs 38,221 crore.
However, for the period January-March 2010, these companies paid an advance tax of Rs 11,439 crore, as against Rs 11,135 crore for the same period last year.
At Rs 6,552 crore, SBI paid the highest advance tax, followed by Life Insurance Corporation (Rs 864 crore) and Reliance Industries (Rs 770 crore).
Citibank, Bank of India, Deposit Insurance and Credit Guarantee Corporation and HSBC saw the highest decline in their tax payments for the fourth quarter.
Citibank’s advance tax payment declined from Rs 1,010 crore for the quarter ended March 2009 to Rs 150 crore this year.