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India Inc fared well on advance tax in FY10
March, 15th 2010

If the trends in advance tax payment by Indian companies are any indication, then India Inc seems to have fared well this fiscal, despite the overhang of the global recession.

Barring a few, most companies have paid a higher tax this quarter (Q4 FY10) and for the year (FY10), an Income Tax source said here today.

"According to preliminary data, several companies have paid a higher tax this quarter," the source said.

Aditya Birla group company, Grasim Industries, has paid Rs 216 crore advance tax in Q4 FY10 as compared to Rs 65 crore it paid in the year-ago period. Its total payment for this fiscal has gone up to Rs 811 crore as against Rs 285 crore in FY09, the source said.

Pharma major, Glaxo Smithkline, has shelled out Rs 68 crore this quarter as compared to Rs 56 crore it had paid during the same quarter last year. Total payment during FY10 stood at Rs 270 crore compared to Rs 224 crore in FY09.

Mahindra & Mahindra Financial Services has paid Rs 58 crore advance tax in Q4 FY10 compared to Rs 46 crore in Q4 FY09, while its total payment for this fiscal is Rs 197 crore compared to Rs 152 crore in FY09, the source said.

State-owned Mazgaon Dock has made a payment of Rs 29 crore this quarter as compared to Rs 21 crore it had paid during the same quarter last year.

However, its total payment during FY10 is lesser at Rs 121-crore compared to Rs 137-crore in FY09.

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