Marginal rise in advance tax payout by companies

Most companies paid marginally higher advance tax in the first quarter of the current fiscal year despite the economic slowdown, sources in the Income Tax department said on Friday.

Most companies paid marginally higher advance tax in the first quarter of the current fiscal year despite the economic slowdown, sources in the Income Tax department said on Friday.

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The list is being led by SBI, which is likely to have paid Rs 1,170 crore in the first quarter against Rs 1,100 crore a year-ago.Life Insurance Corp of india (LIC) is believed to have paid Rs 630 crore this quarter compared to Rs 582 crore in the

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year-ago period.

Top private lender ICICI Bank saw its tax payout rising 25% to R500 crore, while small-sized private lender IndusInd Bank saw its outgo rising 50% to Rs 60 crore and Kotak Mahindra Bank by 25% to R75 crore in the quarter.