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

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

New Delhi: Advance tax paid by corporates increased by over 22% to 1.97 lakh crore in the current fiscal compared to the year-ago period, indicating buoyant economic activities.

During 2009-10, the companies paid 1.60 lakh crore as advance tax.

According to sources, the largest tax of 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 4,244 crore in the current financial year, while Life Insurance Corporation paid 3,599 crore as advance tax during the year, a rise of 11%.

The country’s largest lender SBI has paid 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 1,985 crore.

Pharma company Primal Healthcare has paid tax of 3,525 crore.

The tax paid by NMDC rose by 86% to 3,200 crore in 2010-11, while BHEL’s tax payment stood at 2,845 crore, an increase of 53%.