Advance tax payments for third installment starts trickling in
December, 15th 2010
As the third installment of advance tax figures started trickling in a day before December 15, the last date for payments, tax officials expressed optimism of meeting the direct tax target for the current fiscal year (FY11). The direct tax target for the current fiscal year has been set at Rs 4.3 lakh crore against the previous year's collections of Rs 3.7 lakh crore.
Figures available as of Tuesday night were mixed, with some companies having paid lower tax than in the corresponding period of FY10, but major corporates who figure in the list of the 100 largest taxpaying companies are promising to pay 10-20 % more than what they paid a year ago. A clearer picture is expected to emerge by Wednesday evening.
The tax outgo of HDFC saw a year-on-year (y-o-y ) increase of 25% from Rs 320 crore to Rs 400 crore. FMCG major Hindustan Lever paid Rs 225 crore, marking a yo-y increase of Rs 45 crore, an increase of over 25%.
Petroleum major HPCL recorded a lower tax outgo, Rs 29 crore against Rs 48 crore, a 39% decline.
Almost posted a 25% dip from Rs 16 crore to Rs 12 crore, Zee Entertainment Network Rs 30 crore from Rs 37 crore and Clariant Rs 18 crore compared to Rs 19 crore. Grindwell Norton recorded a 11% increase with a tax outgo of Rs 11 crore against Rs 9 crore while Entertainment Network India paid Rs 1 crore against Rs 1.5 crore, marking a dip of 33%.
According to tax officials, SBI is burdened with obligation to pay huge arrears running into around Rs 5,000 crore, but is still expected to pay tax of over Rs 6,000 crore.