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Advance tax payment rises 22% to Rs 1.97 lakh cr in 2010-11

Advance tax payment rises 22% to Rs 1.97 lakh cr in 2010-11
PTI
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First Published: Tue, Mar 22 2011. 08 02 PM IST
Updated: Tue, Mar 22 2011. 08 02 PM IST
New Delhi: Advance tax paid by corporates increased by over 22% to Rs 1.97 lakh crore in the current fiscal compared to the year-ago period, indicating buoyant economic activities.
During 2009-10, the companies paid Rs 1.60 lakh crore as advance tax.
According to sources, the largest tax of Rs 8,492 crore was paid by ONGC in 2010-11, an increase of 35% compared to 2009-10.
Similarly, the advance tax paid by Reliance Industries rose by 38% at Rs 4,244 crore in the current financial year, while Life Insurance Corporation paid Rs 3,599 crore as advance tax during the year, a rise of 11%.
The country’s largest lender SBI has paid Rs 6,143 crore in 2010-11. However, it has registered a 6.24% decline over the last year.
Similarly, advance tax paid by the second largest public sector bank Punjab National Bank declined by 2% at Rs 1,985 crore.
Pharma company Primal Healthcare has paid tax of Rs 3,525 crore.
The tax paid by NMDC rose by 86% to Rs 3,200 crore in 2010-11, while BHEL’s tax payment stood at Rs 2,845 crore, an increase of 53%.
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First Published: Tue, Mar 22 2011. 08 02 PM IST