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.