On the road to recovery: Marquee companies raise advance tax payment

Larsen & Toubro (L&T), state-owned heavyweight Indian Oil Corporation (IOC), IT major Infosys, Tech Mahindra, and private banks ICICI Bank and Kotak Mahindra Bank led the table

Most marquee companies have increased their advance tax payment for the third quarter (October-December, or Q3) by double digits. It’s a sign that Corporate India is on the road to recovery.  

Engineering and construction conglomerate engineering company Larsen & Toubro (L&T), state-owned heavyweight Indian Oil Corporation (IOC), information technology (IT) major Infosys, Tech Mahindra, and private banks ICICI Bank and Kotak Mahindra Bank led the table.  

L&T made a tax payment of Rs 1,595 crore till December 15 this financial year — 478 per cent higher than Rs 275 crore in the corresponding period of 2019-20.  The first two quarters were muted,