Only 2 private firms in top ten advance tax payer list
March, 29th 2008
Private sector presence in the top ten advance taxpayers league has dwindled, going by the latest data compiled for 2007-08 by the revenue department.
ICICI Bank, which had a presence in the top ten league up to December 15 instalment along with Tata Steel and Reliance Industries, does not find a place in the final list for the period up to March 15.
Public sector dominance in the top 10 list not only continues, but has been strengthened with National Mineral Development Corporation Ltd (NMDC) moving into the league.
Corporates are required to pay 90 per cent of their estimated tax liability in a financial year as advance tax to the income tax department by March 15.
Reliance Industries and Tata Steel are the only private sector companies to figure in the list for 2007-08. In fiscal 2006-07, Tata Steel was the only private sector company to find a place in such a listing.
Up to March 15, which is the due date for the fourth and final instalment of advance tax payment, the top 10 advance taxpayers have cumulatively paid Rs 31,217 crore, which represents a 29 per cent increase over Rs 24,179 crore paid by them in the same period during 2006-07.
ONGC continued to hold the top position in the group, with advance tax payments up to March 15 this fiscal at Rs 8,305 crore, 3.9 per cent higher than the Rs 7,992 crore paid in the same period last year. However, ONGCs advance tax payment for the March 15 instalment was 25.3 per cent lower at Rs 2,092 crore as compared to Rs 2,800 crore in the same instalment last year.
State Bank of India, which held the second position in the top ten league, has paid advance tax of Rs 4,063 crore in 2007-08, 46.5 per cent higher than the Rs 2,774 crore paid in 2006-07. For the March 15 instalment this fiscal, SBI paid Rs 1,418 crore (Rs 690 crore).
While SAIL has paid advance tax of Rs 3,709 crore (Rs 3,256 crore), Indian Oil Corporation (IOC) paid Rs 3,069.3 crore (Rs 855.8 crore). For the March 15 instalment, IOC paid advance tax of Rs 1,139.9 crore (Rs 589 crore).