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Banks pay higher advance tax this quarter

BS Reporter  |  Mumbai 

Despite the overall gloom in the economy, the advance tax payment made by is higher for the period ending September this year compared to the corresponding period last year.

Companies are supposed to pay 30 per cent of the total advance tax in this quarter.

HDFC Bank paid advance tax of Rs 1,100 crore compared to Rs 800 crore in the corresponding quarter last year.

ICICI Bank’s advance tax payment went up by 25 per cent to Rs 815 crore, while Standard Chatered Bank's tax out go was marginally higher at Rs 475 core compared to Rs 450 crore in the same period last year.

HSBC Bank also paid up slightly higher advance tax at Rs 560 crore.

Bank of Baroda’s tax out flow was a tad higher at Rs 620 crore while Central Bank of India has paid up Rs 268 crore.

The figures for Exim Bank and Indus Ind Bank stands at Rs 140 crore and Rs 110 crore respectively.

The highest tax payer this quarter so far is the insurance giant, Life Insurance Corporation of india (LIC), as the insurer paid advance tax of Rs 1,300 crore compared to Rs 1,165 crore last year. Among others, Ambuja Cement paid up Rs 160 crore, while the Bennett Coleman, the media company, paid up Rs 86 crore.

On the other hand, Mahindra & Mahindra paid up Rs 200 crore compared to Rs 176 crore last year and Hindustan Unilever paid up Rs 300 crore compared to Rs 190 crore last year.

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First Published: Sun, September 16 2012. 00:03 IST