Biggies pay higher advance tax in Q4

Strong advance tax collection numbers from India's leading firms on Tuesday further emboldened hopes of a sustained broad-based growth in the domestic economy.

Strong advance tax collection numbers from India's leading firms on Tuesday further emboldened hopes of a sustained broad-based growth in the domestic economy.

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Reliance Industries Ltd (RIL), Tata Steel, Mahindra and Mahindra (M&M), Hindalco and Bajaj Auto are among those who paid high advance taxes for the fourth quarter, the deadline for which ended on Tuesday.RIL paid advance tax of Rs 1,054 crore during the fourth quarter against Rs 770 crore a year-ago.

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Companies pay advance tax every quarter based on their projected income for the year. Higher advance tax collections reflect more income for firms indicating that companies' sales are growing to meet rising demand.