India Inc. heavyweights pay higher advance tax

Industry bellwethers Reliance Industries, Tata Steel, L&T, Hindalco, Mahindra & Mahindra, HDFC and Bajaj Auto have led from the front as far as payment of advance tax for Q4 FY11 is concerned. At the same time, SBI, HUL and Tata Motors have disappointed by paying less advance tax for the January to March quarter. In another interesting trend, foreign banks operating in India have paid higher year-on-year advance tax compared to some of their domestic counterparts in India.



Reliance Industries (RIL) has reportedly paid an advance tax of Rs. 10.54bn versus Rs. 7.7bn it paid in the same quarter last year. Tata Steel paid Rs. 9.87bn as against Rs. 5.13bn paid last year. M&M has paid an advance tax of Rs. 3.07bn for Q4 FY11 as against Rs. 2.26bn in the year-ago period. Hindalco has paid Rs. 1.6bn in Q4 FY11 compared to Rs. 1.1bn in the same period last year.

L&T has paid more advance tax in Q4 FY 11 at Rs. 3bn versus Rs. 2.7bn in the year-ago period. HDFC has paid an advance tax of Rs. 3.4bn versus Rs. 2.8bn in Q4 FY10. Bajaj Auto has paid Rs. 2.5bn as advance tax for Q4 FY11 as against Rs. 1.75bn paid in the fourth quarter of the previous financial year.

FMCG major HUL has paid an advance tax of Rs. 1.5bn compared to Rs. 1.7bn last year. Tata Motors has paid an advance tax of only Rs. 500mn as against Rs. 1.15bn paid in the same period last fiscal. MRPL has paid Rs. 2.96bn as advance tax versus Rs. 1.8bn in Q4 last fiscal.

Citibank and Deutsche Bank have both paid significantly higher advance tax in Q4 FY11 at Rs. 4bn and Rs. 1.7bn, respectively. They had paid Rs. 1.5bn and Rs. 600mn, respectively, in Q4 FY10. Standard Chartered Bank’s tax payment remained unchanged at Rs. 2bn, while HSBC has paid advance tax of Rs. 4.49bn in Q4 FY11 compared to Rs. 1.9bn in the year ago period.

Bank of India has paid an advance tax of Rs. 3.25bn versus Rs. 1bn in Q4 FY10. Central Bank has paid an advance tax of Rs. 1.1bn as against Rs. 2.5bn in the year-ago period. Bank of Baroda has paid an advance tax of Rs. 4bn in the quarter under review compared to Rs. 3bn last year. Union Bank has paid an advance tax of Rs. 700mn versus Rs. 1.75bn in the same period a year earlier.