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Advance tax mop-up nails slowdown fears; SBI pays Rs1,100 crore

Advance tax mop-up nails slowdown fears; SBI pays Rs1,100 crore
PTI
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First Published: Wed, Jun 15 2011. 04 31 PM IST
Updated: Wed, Jun 15 2011. 04 31 PM IST
Mumbai: Advance tax pay-up by India Inc presents a rosy picture, despite a massive fall in April IIP numbers and a likely fall in the remaining months of Q1; with the largest lender SBI leading the pack with Rs1,100 crore against Rs850 crore in the year-ago period.
Income Tax Department sources said on Wednesday that oil and gas major RIL has paid Rs900 crore in the first quarter of this fiscal, up nearly 50% from Rs650 crore in the same quarter previous fiscal.
Companies from across the sectors paid up more in advance tax this quarter than the year-ago period, except cement companies which had a poor showing.
The third in the list is the insurance giant LIC, which made an advance tax payment of Rs580 crore in the first quarter of this fiscal, against Rs530 crore last fiscal.
Largest software exporter TCS saw its tax bill nearly doubling to Rs240 crore in the reporting period from Rs128 crore in the year-ago quarter.
The fourth in the list is the state-run Deposit Insurance & Credit Guarantee Corporation which saw an outgo of Rs475 crore against Rs400 crore last time.
Banks too, barring a few state-run ones, have paid up more. Leading foreign bank Citi saw its advance tax outgo jumping 50% to Rs150 crore from Rs100 crore, state-run IDBI Bank saw the tax bill soaring over 125% to Rs180 crore against Rs81 crore in Q1 last year.
The second largest foreign bank, HSBC, too paid up more, with a tax outgo of Rs250 crore against Rs225 crore.
State-run lenders like Bank of India paid Rs165 crore (Rs158 crore), Bank of Baroda (Rs250 crore versus Rs225 crore), Dena Bank around Rs55 crore against Rs45 crore, while Central Bank of India saw its advance tax payout declining to Rs145 crore against Rs150 crore.
All the private sector lenders have paid up more in taxes this time. While the largest private sector lender ICICI Bank paid Rs390 crore (Rs350 crore), the immediate competition HDFC Bank coughed up Rs350 crore (Rs315 crore). Kotak Mahindra Bank’s advance tax outgo stood at Rs60 crore (Rs45 crore) and Yes Bank paid Rs60 crore (Rs50 crore).
Pure-play mortgage lender HDFC saw its tax bill rising to Rs250 crore from Rs215 crore in the reporting period, and so did LIC Housing Finance which saw its tax bill rising to Rs47 crore in the reporting quarter from Rs38 crore.
Among auto companies, barring the largest player Tata Motors, which saw its tax bill dipping a tad to Rs62 crore (Rs65 crore) all reported higher numbers. Bajaj Auto paid Rs125 crore (Rs110 crore), M&M paid nearly 50% more at Rs90 crore (Rs63 crore).
Steel major Tata Steel also saw its tax bill shrinking during the reporting quarter to Rs280 crore from Rs300 crore, so did another group company Tata Chemicals, which paid up only Rs27 crore against Rs29 crore.
Aluminium major Hindalco’s tax bill rose to Rs80 crore against Rs55 crore. So did the engineering behemoth L&T which coughed up Rs175 crore in advance taxes, up from Rs130 crore. Similarly, consumer goods leader HUL too saw its tax bill jumping to Rs100 crore from Rs75 crore.
Oil companies presented a mixed picture with Bharat Petroleum paying a little more than half of what it had paid last time at Rs77 crore, against Rs126 crore; while both Hindustan Petroleum and MRPL paid up more at Rs62 crore (Rs61 crore) and Rs100 crore (Rs67 crore), respectively.
Cement players saw their tax outgo shrinking. ACC saw its tax bill declining to Rs45 crore from Rs50 crore, Ambuja too paid up less at Rs50 crore (Rs65 crore), while UltraTech bucked the trend with a sharp spike in its tax bill at Rs37 crore against Rs22 crore.
Pharma major Lupin paid Rs18 crore (Rs16 crore), AC major Voltas paid more at Rs23 crore (Rs18 crore) and the tobacco leader Godfray Philips saw its tax bill exactly doubling to Rs12 crore from Rs6 crore.
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First Published: Wed, Jun 15 2011. 04 31 PM IST
More Topics: Advance tax | SBI | IIP | Income tax | Q1 |