47% increase in advance tax payments

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MUMBAI: Advance tax payments by the country's top companies have increased significantly in the second quarter of the current financial year. The amount of advance tax paid by the top 20 companies till September 15 has been increased by 3 per cent. Banks, IT and FMCG companies have not seen much impact from the second wave of Corona.

In the second quarter of last fiscal, advance tax payments by the top 20 companies stood at Rs 12 crore, up from Rs 210 crore this year, finance ministry sources said.

Companies that have seen an increase in advance tax payments include Tata Steel, ONGC, PNB, P&G, Canara Bank, Hero MotoCorp, ICICI Bank, TCS, SBI and LIC.

Tata Steel paid Rs 2,000 crore, ONGC Rs 60 crore, PNB Rs 216 crore, Canara Bank Rs 20 crore, SBI Rs 4 crore and LIC Rs 2191 crore in advance tax, government sources said.

The high advance tax payments in the first quarter were lower than in the same period last year, but the higher advance tax figures in the second quarter indicate that the second wave of Corona did not adversely affect the revenue of these companies, an analyst said.

However, advance tax payments by telecom and aviation companies have been zero for the last few quarters.

The auto and FMCG companies are also seeing an increase in revenue due to the lockdown and previous backlog of demand.

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