Top 100 firms pay 14 pct higher advance tax in June quarter

Top 100 firms in the Mumbai tax region paid 14% higher advance tax in April-June compared to a year ago, a top official from the income-tax department said today

Top 100 firms in the Mumbai tax region paid 14% higher advance tax in April-June compared to a year ago, a top official from the income-tax department said on Wednesday.

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"This is the first quarter so considering that it (advance tax collection) is quite satisfactory... growth is likely be more in the second, third and fourth quarters," P P Srivastava, chief commissioner of income tax, Mumbai, said.

The target for the Mumbai tax region for the year-ending March 2012 is 1.85 trillion rupees compared with 1.53 trillion rupees collected a year ago, Srivastava said.