ONGC pays highest advance tax in Q2

Oil and Natural Gas Corporation (ONGC) is the highest advance tax payer for the quarter ended September 30, which also saw 34 banking and financial institutions among the top 100 advance tax payers.

ONGC paid Rs 2,401 crore in the second quarter, 17 per cent more than Rs 2,052 crore paid by the company in the same period last year.

State Bank of India (SBI) was the second highest advance tax payer with a 22 per cent growth at Rs 1,054 crore compared to Rs 863 crore in the year ago period.

"The banking sector has done exceptionally well while the telecom sector except BSNL and MTNL, has also done well in advance tax payment," an Income Tax official said.

Reliance Industries Ltd (RIL), which was not paying advance tax till a few year ago, is among the top ten. Life Insurance Corporation (LIC) with Rs 731 crore and Reliance Industries with Rs 649 crore were at the third and fourth place respectively.

Interestingly, IFCI Ltd, which has turned around only last fiscal, has paid an advance tax of Rs 65 crore.

Some of the companies, who have witnessed massive increase in advance tax payments are - Unitech Ltd (1175 per cent), New India Assurance (535 per cent), Bank of America (227 per cent), Citi Bank (154 per cent) and Indian Oil Corporation (111 per cent).

The over all advance tax growth of 33 per cent has pushed the net direct tax collections to Rs 1,10,288 crore till September 26 this fiscal, a growth of 42 per cent.

"The direct tax collections will cross Rs 3,00,000 crore in 2007-08 and exceed the indirect tax collections for the first time also," the official added.

Budget estimate is Rs 2,67,490 crore for direct tax and Rs 2,78,013 crore in 2007-08.