Advance tax payments jump sharply

Jun 16, 2010 |

mumbai

Mirroring the uptick in the economy, corporate India’s advance tax payments have jumped sharply in the April-June quarter of this fiscal.
Giving details of the advance tax collection, an income-tax official said Life Insurance Corporation (LIC) paid an advance tax of Rs 533 crore compared to Rs 469 crore in the year-ago period, representing a 13.6 per cent rise. June 15 was the last day for making advance tax payments.

General Insurance Corporation saw a steep hike of 170.5 per cent in its advance tax payments at Rs 46 crore from Rs 17 crore in the year-ago period, while the steepest was that of HDFC Asset Manage-ment Company that paid Rs 60 crore compared to Rs 10 crore in the comparable period. HDFC AMC’s higher tax payment also reflects the growth in the capital markets.
Housing lender HDFC Ltd paid an advance tax of Rs 215 crore as against Rs 175 crore in the April-June period last fiscal, while Yes Bank paid Rs 50 crore compared to Rs 27 crore.
Aditya Birla group company Hindalco paid Rs 55 crore compared to Rs 45 crore last year, reflecting a rise of 22.2 per cent, while Crompton Greaves paid Rs 38 crore as against Rs 28 crore a year ago, a 35 per cent increase. However, there was no change in tax payments of FMCG firm Hindustan Unilever that stood at Rs 75 crore, the taxman said. — PTI

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