Advance tax mop-up rises 15% in Q3 2013

The third quarter advance corporate tax collections from top 100 companies from the city has shown 15 per cent growth year-on-year backed by higher payouts by the banking and financial sector, according to income tax department sources.

Mumbai contributes over a third of overall direct tax collections. The department is targeting to collect Rs 1.78 lakh crore this fiscal, an increase of 13.5 per cent over last year.

The growth is led by the government insurance company Life Insurance Corporation, which paid 10 per cent more at Rs 1,297 crore compared to Rs 1,166 crore in the same period a year ago.

However, the largest public sector lender State Bank of India has paid marginally lower advance tax in the third quarter at Rs 1,701 crore as against Rs 1,730 crore in the same period last year.

Private mortgage lender HDFC said it paid Rs 560 crore against Rs 475 crore in the year ago period, a growth of 18 per cent.

Private sector lender ICICI Bank paid 35 per cent more at Rs 675 crore, up from Rs 500 crore. Another private sector lender HDFC Bank paid Rs 1,000 crore. Software major TCS saw a spike in tax outgo at Rs 810 crore, compared to Rs 530 crore, which is a growth of over 50 per cent, while Tech Mahindra paid Rs 60 crore, same as last year. Bank of Baroda paid Rs 550 crore compared to Rs 525 crore last quarter, while Central Bank of India paid Rs 120 crore against Rs 104 crore in the year ago period.

Deutsche Bank doubled its advance tax payment to Rs 300 crore. StanChart saw a marginal rise at Rs 490 crore against Rs 470 crore.

Similarly, HSBC paid Rs 428 crore compared to Rs 423 crore, while Citi paid 25 per cent more at Rs 500 crore against Rs 400 crore.