Pay over Rs 1,000 crore each in third quarter of 2010-11.
Advance tax numbers for the third quarter of the current financial year had been robust, with Reliance Industries, LIC, SBI and Tata Steel paying over Rs 1,000 crore each, sources said.
RIL, India’s biggest conglomerate in terms of market value, has paid Rs 1,100 crore for the October-December quarter as against Rs 830 crore for the same period last year.
LIC and Tata Steel have paid Rs 1,070 crore and Rs 1,000 crore, respectively, as against Rs 980 crore and Rs 650 crore, last year.
According to sources, the entire banking sector has made robust advance tax payments. ICICI Bank, the second-largest lender paid Rs 450 crore as against last year’s figure of Rs 301 crore. SBI, the largest, paid Rs 1,850 crore against Rs 1,795 crore during the same quarter last year. HDFC Bank paid Rs 750 crore compared with Rs 400 crore last year. Bank of Baroda’s tax outgo in the third quarter was Rs 435 crore as against Rs 330 crore, while Bank of India paid Rs 150 crore against Rs 102 crore in the same quarter last year. Central Bank of India paid Rs 179 crore year as against Rs 138 crore for the same period last year.
Among other major companies, Hindustan Unilever paid Rs 220 crore versus Rs 175 crore it paid during the corresponding quarter last year. Marico paid Rs 21 crore vs Rs 18 crore, while TCS, another Tata Group company, paid Rs 230 crore compared with Rs 177 crore in the year-ago quarter.
Among the automobile majors, Mahindra and Mahindra paid Rs 236 crore in the third quarter, compared with Rs 195 crore in the corresponding quarter last year. Tata Motors more than doubled its tax payment at Rs 220 crore as against Rs 100 crore. Bajaj Auto paid Rs 370 crore. Last year, the company had paid Rs 310 crore as advanced tax, sources said.
Some companies reported a drop in tax payments. Bombay Dyeing reported massive a drop as it paid Rs 85 lakh as advance tax against Rs 1.25 crore last year. Tata Power paid Rs 58 crore, down from Rs 81 crore for the three corresponding months in 2009-10, sources said.
