Indian cos pay 24% more advance tax y-o-y in Dec qtr

Indian cos pay 24% more advance tax y-o-y in Dec qtr

New Delhi: Indian firms paid 24% more in advance tax for the October-December quarter year-on-year, a finance ministry official said, suggesting higher profit growth as economic recovery picked up pace.

Top 100 firms’ advance tax payments were up more than 30% in the December quarter, said the official, who did not wish to be named.

He did not give absolute figures of the tax collected.

The country’s corporate advance tax had fallen by 3.7% in the June quarter, but grew by 14.7% in the September quarter due to a strong recovery in banking, auto, and consumer durable sectors.

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