Leading banks among Mumbai's top 10 tax payers

Source: PTI

May 18, 2007 12:02 IST

Country's leading domestic and multi-national banks figured among the top 10 advance tax paying corporates in Mumbai in 2006-07.

"Among the corporates, State Bank of India paid the highest advance tax of about Rs 2,775 crore (Rs 27.75 billion)," income-tax sources in Mumbai told PTI.

Other lenders that stood in the top ten advance tax payers list were ICICI Bank (Rs 1,025 cr or Rs 10.25 billion), Standard Chartered Bank (Rs 790 crore or Rs 7.9 billion) and Hongkong and Shangahi Banking Corproation India (Rs 704 crore or Rs 7.04 billion).

Life Insurance Corporation emerged as the second highest advance tax payer at around Rs 2,030 crore (Rs 20.30 billion).

panyCode=15510001" target=new>Tata Steel was the third largest advance taxpayer at Rs 1,760 crore (Rs 17.60 billion) and Deposit Insurance and Trade Guarantee Corporation was fourth at Rs 1,243 crore (Rs 12.43 billion).

Reliance Industries, the largest private sector corporate entity, stood at the fifth position by paying Rs 1,220 crore (Rs 12.20 billion)

of advance tax.

Aditya Birla Group Company Hindalco at Rs 885 crore (Rs 8.85 billion) and Indian Oil Corporation, which paid Rs 667 crore (Rs 6.67 billion), were among other top 10 advance tax payers.