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Advance tax: This is what the big companies paid

Last updated on: March 16, 2011 08:02 IST

Advance tax: This is what the big companies paid

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Several leading corporates have paid more advance tax in Q4 FY 11 as compared to the year-ago, indicating their healthy financial performances.

Advance tax payment is a staggered system of paying taxes and is generally seen as a barometer of a particular company's performance as the tax payments are made in line with profit expectations.

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Advance tax: This is what the big companies paid

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Mukesh Ambani-led Reliance Industries as well as the Ratan Tata-led Tata Steel have both paid more advance tax this quarter at Rs 1,054-crore (Rs 10.54 billion) and Rs 987-crore (Rs 9.87 billion), respectively, an Income Tax source told PTI in Mumbai on Tuesday.

In Q4 last fiscal (FY 10), Reliance Industries and Tata Steel had both paid Rs 770 crore (Rs 7.7 billion) and Rs 513 crore (Rs 5.13 billion), respectively.

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Image: A RIL oil rig.
Photographs: Reuters
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Advance tax: This is what the big companies paid

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Two-wheeler major Bajaj Auto has paid Rs 250 crore (Rs 2.5 billion) in Q4 FY 11 as against Rs 175 crore (Rs 1.75 billion) in the year-ago period while Anand Mahindra-led M&M has shelled out Rs 307 crore (Rs 3.07 billion) as against Rs 226 crore (Rs 2.26 billion) in the year-ago period.

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Image: Anand Mahindra, chairman and managing director of Mahindra and Mahindra.
Photographs: Courtesy: M&M
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Advance tax: This is what the big companies paid

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According to the source, Hindalco has paid Rs 160 crore (Rs 1.6 billion) in Q4 FY 11 as against Rs 110 crore (Rs 1.1 billion) in the year-ago period while MRPL paid Rs 296 crore (Rs 2.96 billion) as against Rs 180 crore (Rs 1.8 billion) in Q4 last fiscal.

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Image: Hindalco chairman Kumar Mangalam Birla.
Photographs: Reuters
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Advance tax: This is what the big companies paid

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Engineering and construction major, L&T, has also paid more advance tax in Q4 FY 11 at Rs 300 crore (Rs 3 billion) as against Rs 270 crore (Rs 2.7 billion) in the year-ago period.

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Image: Larsen and Toubro chief A M Naik.
Photographs: Reuters
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Advance tax: This is what the big companies paid

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Two biggies -- FMCG major Hindustan Unilever Limited and Tata group company, Tata Motors -- have, however, paid less.

While HUL paid Rs 150 crore (Rs 1.5 billion) this time as against Rs 170 crore (Rs 1.7 billion) in the year-ago period, Tata Motors has paid a meagre Rs 50 crore (Rs 500 million) as advance tax in Q4 FY 11 as against Rs 115 crore (Rs 1.15 billion) in the same period last fiscal, the source said.

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Image: Tata Motors logo.

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Advance tax: This is what the big companies paid

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Private banks such as HDFC Bank and ICICI Bank seem to have fared well this fiscal as their outflows are higher.

HDFC Bank has paid Rs 540 crore (Rs 5.4 billion) as advance tax this time as against

Rs 300 crore (Rs 3 billion) in the year-ago period while ICICI Bank has shelled out Rs 475 crore (Rs 4.75 billion) as against Rs 350 crore (Rs 3.5 billion) in Q4 last fiscal, the source said.

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Image: (Inset) Aditya Puri, MD, HDFC Bank.

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Advance tax: This is what the big companies paid

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Home-loans lender, HDFC, has paid more in Q4 FY 11 at Rs 340 crore (Rs 3.4 billion) as against Rs 280 crore (Rs 2.8 billion) in the same period last fiscal.

Public sector life insurance behemoth, LIC, has paid Rs 931 crore (Rs 9.31 billion) this time as against Rs 864 crore (Rs 8.64 billion) in the year-ago period, the source said.

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Advance tax: This is what the big companies paid

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Foreign banks put in a good show

Leading multinational banking majors have paid more advance tax in Q4 FY 11 indicating a healthy financial performance from their side while its been a mixed bag from Indian banks, especially public sector ones.

Citibank and Deutsche Bank have both paid a significantly higher advance tax in Q4 FY 11 at Rs 400 crore (Rs 4 billion) and Rs 170 crore (Rs 1.7 billion), respectively, an Income Tax source told PTI in Mumbai on Tuesday.

They had paid Rs 150 crore (Rs 1.5 billion) and Rs 60 crore (Rs 600 million), respectively, in Q4 FY 10.

While Standard Chartered Bank's tax payment remained unchanged at Rs 200 crore (Rs 2 billion), another foreign banking powerhouse, HSBC, has paid more advance tax at Rs 449 crore (Rs 4.49 billion) in Q4 FY 11 as against Rs 190 crore (Rs 1.9 billion) in the year-ago period, the source said.

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Some Indian banks lag behind

Among Indian public sector banks, Union Bank and Central Bank have paid less advance tax at Rs 70 crore (Rs 700 million) and Rs 110 crore (Rs 1.1 billion), respectively, in Q4 FY 11.

Last fiscal, in the same period, they had paid Rs 175 crore (Rs 1.75 billion) and Rs 252 crore (Rs 2.52 billion), respectively.

IDBI Bank paid Rs 216 crore (Rs 2.16 billion) this time as against Rs 25 crore (Rs 250 million) in Q4 last fiscal, sources said.

Bank of Baroda, a state-run entity, has however, paid more at Rs 400 crore (Rs 4 billion) this time as against Rs 300 crore (Rs 3 billion) in Q4 last fiscal.



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