Advance tax collections up 5% in first quarter

June 19, 2012 10:42 pm | Updated July 12, 2016 04:36 am IST - NEW DELHI:

Advance tax collections from top 100 companies grew to Rs.33,089 crore for the April-June period, a mere 5 per cent rise against the annual targeted growth rate of 15 per cent, as lead corporates, including Reliance Industries and BHEL, paid lesser tax compared to the corresponding period last year.

The collections stood at Rs.31,631 crore in April-June quarter of 2011-12.

The tax collection figures were up to June 18 of the current fiscal, said a Finance Ministry official.

With advance tax collections of Rs.33,089 crore in the quarter, total direct collections till June 18 stood at Rs.84,333 crore.

Advance tax paid by ONGC was 26.84 per cent higher at Rs.1,347 crore in the first quarter of the current fiscal, while SBI’s payment was up by 6.36 per cent at Rs.1,170 crore.

ONGC and SBI had paid advance tax of Rs.1,062 crore and Rs.1,100 crore, respectively, in the April-June quarter of 2011-12.

Similarly, Infosys (Rs.440 crore), ICICI Bank (Rs.500 crore), Tata Steel (Rs.270 crore), HDFC Bank (Rs.500 crore), and Wipro (Rs.125 crore), among others, paid higher advance tax this quarter. LIC’s advance tax payment was up by 9.47 per cent at Rs.638 crore against Rs.583 crore in the first quarter of 2011-12.

However, advance tax payment by Reliance Industries was less by 14.67 per cent at Rs.768 crore, and BHEL by 13.13 per cent to Rs.450 crore (Rs.518 crore).

Other top companies, which paid less advance tax include PNB, SAIL, GAIL, L&T and Sesa Goa.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.