Slowdown blues: Advance tax payout by top firms dips 4%
March, 28th 2014
Reflecting the general economic slowdown, advance tax payments by the top 100 Delhi-based corporate houses dipped 4 per cent in the March quarter to ?6,779 crore from ?7,068 crore in the same period last year.
However, tax paid by these firms for the full year (2013-14) rose 5 per cent to ?27,446 crore (?26,225 crore) even as most PSUs trimmed payments, said Income Tax Department sources.
The lower tax payment reflects the weak earning potential of these companies this fiscal. A similar trend was witnessed in the Mumbai circle with most big companies trimming their quarterly tax payout, said the sources, without disclosing the numbers.
Dip across sectors In the March quarter, the tax payout by NTPC plummeted 88 per cent to ?143 crore (?1,156 crore) as it struggled to recover money from discoms in Delhi. Tata Power’s payout fell 10 per cent to ?18 crore (?20 crore).
Steel companies saw a contrasting trend with SAIL’s payout surging 82 per cent to ?220 crore and Bhushan Steel skipping a tax payment (against ?100 crore).
In a similar trend, mobile handset maker Samsung India Electronics’ payout more than tripled to ?360 crore (?96 crore) while Nokia’s was down 73 per cent at ?22 crore. Telecom service provider Bharti Airtel’s tax outgo shot up 74 per cent to ?174 crore.
Among auto firms, Hero Motorcorp and Maruti Suzuki paid 42 per cent and 73 per cent more in tax at ?170 crore and ?190 crore, respectively.