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Firms put up poor show in advance tax payment
March, 17th 2009

Indian companies could not match up to banks in the payment of advance tax in the fourth quarter of 2008-09.

A slowdown in the economy, a hard-hit exports sector and lack of funds affected payments. However, banks recorded a growth in earnings despite challenging market conditions.

The State Bank of India was the highest advance tax payer in the quarter with a total payment of Rs 1,810 crore.

Other leading tax payers among banks were the Bank of Baroda (Rs 280 crore), HDFC Bank (Rs 275 crore), Dena Bank (Rs 75 crore) and IndusInd Bank (Rs 26 crore), data with the income tax department shows.

In the fourth quarter, Indian Oil Corporations (IOC) advance tax payments stood at Rs 150 crore, Reliance Industries at Rs 370 crore and engineering and construction major Larsen and Toubros at Rs 245 crore.

LICs home loan subsidiary, LIC Housing Finance Ltd, paid Rs 245 crore.

Advance tax collected from Mumbai, which accounts for 35-40 per cent of the countrywide tax collection, is nearly Rs 99,000 crore till March 15, according to the data.

Companies are required to pay their advance taxes four times a year, based on their quarterly earnings.

Companies pay 15 per cent of their advance tax estimates by June 15, another 30 per cent by September 15, followed by another 30 per cent by December 15 and the balance by March 15.

The direct tax mop-up has also declined more than 18 per cent to Rs 11,506 crore in February over the year-ago period.

Direct tax collections in February 2008 stood at Rs 14,138 crore.

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