Despite the over all gloom in the economy, the advance tax payment made by banks is higher for the period ending September this year compared to last year.
Companies are supposed to pay 30% 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% 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 also paid up slightly higher advance tax at Rs 560 crore.
Bank of Baroda's tax out flow was tad higher at Rs 620 crore, Central Bank of India has paid up Rs 268 crore.
Exim Bank and Indus Ind Bank paid up Rs 140 crore and Rs 110 crore respectively.
The highest tax payer this quarter so far is the insurance giant, LIC as the insurer paid advance tax of Rs 1,400 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.
The highest tax payer this quarter so far is the insurance giant, 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.