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Advance tax pays by HDFC Rs 400-cr, HUL Rs 220-cr
December, 15th 2010

Mortgage lender HDFC has witnessed an impressive jump in December quarter advance tax payments to Rs 400 crore from the Rs 320 crore in the corresponding (October-November) period last year.

FMCG major Hindustan Unilever has paid an advance tax of Rs 220 crore as against Rs 175 crore in the same period last year, a source in the Income Tax Department told PTI.

Advance tax payment system is a way of staggered payment of taxes and is of benefit to tax-payers who find difficulties arranging a big amount at the end of each fiscal. Generally, the advance tax payments -- which happen on a quarterly basis, are seen as a barometer of the company's performance during the quarter.

Amongst other corporates whose tax payments grew this quarter were Grindwell Norton which paid Rs 11 crore in advance tax as against Rs 9 crore last year, the source said, adding that the numbers of many corporates were not immediately available as the deadline for filing returns is tomorrow.

However, some companies like oil PSU HPCL saw a decline in their advance tax payments, the source said, adding the Mumbai-based company's tax payment went down to Rs 29 crore in the December quarter from Rs 48 crore.

Media house Zee Networks' payment also declined to Rs 30 crore from Rs 37.50 crore last year, the source said.

Clariant (Rs 18 crore versus Rs 19 crore last year) and Alstom Projects (Rs 12 crore versus Rs 16 crore last year) were the other companies whose advance tax payments declined, the source said.

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