DIRECT TAXES
| Advance tax payments by SAIL, Bharti, Tata Motors dip in Q2 Fri, 17 Sep 2010 12:29:20 GMT |
| The Economic Times Advance tax payments by SAIL, Bharti, Tata Motors dip in Q2 NEW DELHI: Advance tax payments by a few big corporates like SAIL, Bharti Airtel and Tata Motors dropped substantially in the July-September quarter, although realisation from top 100 companies rose nearly 13 per cent during the period. According to sources, top 100 companies paid Rs 23,780.24 crore advance tax during July-September 2010-11 against Rs 21,059.04 crore in the year-ago period. Advance tax collections are a measure of corporate earnings. The increase in advance tax collections during the first half of the current fiscal (April-September 2010-11) works out to be 16.40 per cent to Rs 38,107.25 crore. As far as the second quarter is concerned, besides SAIL, Bharti and Tata Motors, the companies that paid lower advance tax, which was due on September 15, include NTPC, GAIL, Grasim Industries and Bharat Petroleum. State-run SAIL's tax payment dipped by 21 per cent during the second quarter of the current fiscal to Rs 725 crore, while Bharti Airtel paid Rs 320 crore advance tax, a decline of 34 per cent. Similarly, advance tax paid by cement maker ACC has dropped 60 per cent to Rs 60 crore during July-September period, while Tata Motors has paid Rs 95 crore tax, a decline of around 27 per cent. Some of the big companies whose advance tax payments surged during the second quarter include ONGC, Tata Steel, Reliance Industries, ICICI Bank, HDFC Bank, Infosys Tech and L&T. ONGC paid Rs 1,093 crore during July-September period, an increase of 24.20 per cent, while Tata Steel paid 25 per cent more (Rs 500 crore). Reliance Industries paid Rs 1,306 crore as tax during the period compared to Rs 1,157 crore a year ago, while Infosys Tech's tax payment increased two-fold to Rs 620 crore. Similarly, L&T's advance tax payment rose to Rs 280 crore compared to Rs 210 crore during the second quarter of last fiscal. HDFC Bank paid Rs 600 crore as tax compared to Rs 425 crore during the corresponding period last year and ICICI Bank paid Rs 600 crore during the second quarter of the current fiscal, an increase of around 20 per cent over last year. |
Online Poll