Advance tax collections witness 10% jump in Q2
SME News, Tuesday, Sep 18, 2012 18:19:07 PM IST
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NEW DELHI: The net advance tax realisation from the prominent 50 firms during the financial capital in the second quarter saw 10% jump.
This has been pushed by good payout by companies such as SBI, LIC and HDFC Bank. On a half-yearly basis, there was 11% rise among the top 100 list.
Advance tax is considered as a staggered way of making payment of income taxes via the year to avoid piling up of tax liability. It is usually taken as a barometer of corporate earnings for the period.
State Bank's advance tax payment climbed 10.30% to Rs 1,820 crore as compared to Rs 1,650 crore it paid a year back, ICICI Bank was at Rs 815 crore as compared to Rs 650 crore and Bank of Baroda (Rs 620 crore against Rs 600 crore).
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