Advance tax payments flat in 3rd quarter
Advance tax payments made by the leading Indian corporates in the third quarter (Q3) mostly remained flat indicating the impact of slowdown.business Updated: Dec 15, 2011 21:37 IST
Advance tax payments made by the leading Indian corporates in the third quarter (Q3) mostly remained flat indicating the impact of slowdown. While some of the corporates witnessed growth in payments up to 20%, some made lower payments.
According to the income tax (I-T) department sources, Life Insurance Corporation paid Rs 1,200 crore as advance tax against Rs 1070 crore in the corresponding quarter last financial year, registering a 12% growth.
Hindustan Zinc, a Vedanta Group company, has paid Rs 400 crore as against Rs 325 crore in the corresponding quarter last fiscal, showing a high growth of 23%. Tata Steel paid Rs 1,100 crore against Rs 1,000 crore, showing a 10% growth.
Reliance Industries witnessed a dip in advance tax payment of 19% at Rs 1,002 crore in the third quarter from Rs 1,190 crore same period last year. Due to an overall growth in company's revenues, TCS has paid 150% more advance tax of Rs 550 crore this quarter against corresponding period last year of Rs 220 crore.
ITC has made a payment of Rs 910 crore in the third quarter against Rs 750 crore same period last year.
Pharma major Pfizer paid higher advance tax of Rs 300 crore against Rs 250 crore last year. Novartis paid R200 crore agaisnt Rs 180 crore and Cipla Rs 90 crore against Rs 70 crore. However, Glaxo India reported a lower advance tax payout of Rs 80 crore for Q3 against Rs 90 crore in the corresponding period last year.
While the largest private lender ICICI Bank's payout remained the same at Rs 450 crore against corresponding period last year, State Bank of India witnessed 7% dip in this quarters payment of Rs 1,730 crore against Rs 1,850 crore same period last year. HDFC Bank's payout was Rs 475 crore as against Rs 400 crore.
FMCG major Hindustan Unilever has paid Rs 300 crore as against Rs 220 crore and Godrej Consumer paid Rs 40 crore against Rs 15 crore last year.