Mumbai: Country’s leading domestic and multi-national banks figured among the top ten advance tax paying corporates in Mumbai in 2006-07.
“Among the corporates, State Bank of India paid the highest advance tax of about Rs 2,775 crore,” income-tax sources told PTI.
Other lenders that stood in the top ten advance tax payers list are ICICI Bank (Rs 1,025 cr), Standard Chartered Bank (Rs790 crore) and Hongkong and Shangahi Banking Corproation (Rs 704 crore).
Life Insurance Corporation emerged as the second highest advance tax payer at around Rs2,030 crore. Tata Steel is the third largest advance taxpayer at Rs1,760 crore and Deposit Insurance and Trade Guarantee Corporation is fourth at Rs1,243 crore.
Reliance Industries, the largest private sector corporate entity, stood at the fifth position by paying Rs1,220 crore of advance tax.
Aditya Birla Group Company Hindalco at Rs885 crore and Indian Oil Corporation, which paid Rs667 crore, are among other top ten advance tax payers.