Top companies pay lower advance tax, TCS outgo more than double The author has posted comments on this articleTNN | Dec 16, 2011, 01.14AM IST
NEW DELHI: Advance tax collections from top 100 companies went up around 10% despite large companies - Reliance Industries, State Bank of India, Tata Motors<http://economictimes.indiatimes.com/tata-motors-ltd/stocks/companyid-12934.cms>and Mahindra & Mahindra - witnessing a fall in third installment. The country's top 100 companies have paid around 10% higher advance tax during the third quarter of the current financial year. The leading player seems to be TCS, the country's largest software exporter, whose payout more than doubled to Rs 530 crore in the third quarter against Rs 230 crore a year ago. Tata Motors saw the maximum dip with payment falling to Rs 80 crore, compared to Rs 220 crore last year, according to the income tax department. While overall growth in GDP has been moderated, industrial output has been declined in October. Companies have to pay taxes in four installments with one due every quarter. Thursday was the deadline for payment of advance tax for the third quarter. The initial data pertains to Mumbai, which account for bulk of the corporation tax collections. "Overall, the tax payout by the top 100 corporates jumped over 10% this quarter. This is excluding the oil companies which paid no taxes this time around," a senior income tax official said. According to initial numbers, RIL's advance tax payment fell nearly 16% to Rs 1,000 crore , compared to Rs 1,190 crore a year ago. Similarly SBI's third installment was down Rs 130 crore or 7% to Rs 1,730 crore, while M&M's payout fell marginally to Rs 220 crore from Rs 230 crore. There were others such as Piramal Healthcare paid no tax this time around against Rs 1,200 crore last year. So was RCOM, while RInfra paid Rs 60 crore. But there were those such as Hindustan Zinc which paid Rs 400 crore as advance tax, which is 23% higher than the payment made last December. -- CA. Rajesh Desai -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
