11 firms pay higher advance tax for March Qtr

The tax collection for the quarter ending March 31, 2006 is likely to be higher if advance tax paid by 15 companies is any indicator of the tax to be collected in the quarter under review.

As per market sources, out of 15 companies, the expected number of advance tax of 11 firms would be higher when compared with the March 2005 quarter.

Market sources said Reliance Industries has paid an advance tax of Rs 220 crore for the quarter ended March 2006 when compared with Rs 160 crore in the quarter ended March 2005.

Life Insurance Corporation (LIC) has paid an advance tax of Rs 655 crore (figures for the corresponding quarter are not available), SBI has paid an advance tax of Rs 470 crore (as against Rs Rs 599 crore) and Tata Motors Rs 168 crore (Rs 75 crore).

Advance tax payments by two pharmaceutical companies were also up with Cipla paying an advance tax of Rs 40 crore (Rs 10 crore) and Glaxo Rs 63 crore (Rs 42 crore).

Hindustan Lever has paid Rs 60 crore when compared with Rs 35 crore last year. Larsen & Toubro has paid Rs 50 crore (Rs 25 crore), and Indian Hotels has paid Rs 20 crore as against Rs 5 crore in the same period last year. 

The advance tax payment by Tata Steel declined to Rs 150 crore (Rs 415 crore) and Tata Chemicals to Rs 40 crore (Rs 44 crore).

HDFC has paid Rs 80 crore (not available), ACC Rs 59 crore (NA), HPCL Rs 50 crore (NA) and Procter & Gamble Rs 11 crore (NA).