Advance Taxes

Advance Taxes 

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.

Advance Tax Numbers

Shah, Vikas (IND Int)


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Advance Tax data:

SBI Rs 18.57bn v/s Rs 18.10bn,
DNBK Rs 300mn v/s Rs750mn,
ICICI Rs 3.5bn v/s Rs 2.5bn,
CBOI Rs 2.5bn,
KMB Rs 800mn v/s Rs 450mn,
BOB Rs 3bn v/s Rs 2.8bn,
UNBK Rs 1.85bn v/s Rs 3.53bn,
YES Rs 730mn v/s Rs 490mn,
BOI Rs 1bn v/s Rs 5.9mn,
RIL Rs 7.7bn v/s Rs 3.65bn,
TATA Rs 5.13bn v/s Rs 4.06bn,
LT Rs 2.7bn v/s Rs 2.75bn,
TCS pays Rs 1.78bn v/s Rs 530mn,
BJAUT Rs 1.77bn v/s Rs 600mn,
MM Rs 2.35bn v/s nil,
TTMT Rs 1.15bn v/s nil,
INFO Rs 2.5bn v/s Rs 1.25bn,
WLCO Rs 600mn v/s Rs 100mn,
SHTF Rs 1.39bn v/s Rs 740mn,
ACEM Rs 1.2bn v/s Rs 1.25bn,
ACC Rs 3.3bn v/s Rs 3.4bn,
CSTRL Rs 400mn v/s Rs 370mn,
IIFL Rs 200mn v/s Rs 70mn,
APNT Rs 600mn v/s Rs 430mn,
LPC Rs 250mn v/s Rs 680mn,
BJHI Rs 350mn v/s Rs 100mn,
SOTL Rs 150mn v/s 20mn,
SCI Rs 100mn v/s Rs 119mn,
Zee Rs 970mn v/s Rs 1.09bn,
ITC Rs 6.24bn,
HUVR Rs 1.7bn v/s Rs 1.3bn,
IDEA Rs 300mn,
SRCM Rs 820mn v/s Rs 460mn,
HNDL Rs 850mn v/s Rs 700mn

HOT ! - Advance Tax Numbers

1. BPCL pays Nil Vs Nil (YoY)
2. HDFC pays Rs 400 Cr as advance tax
3. HUL pays Rs 220 Cr Vs Rs 175 Cr (YoY)
4. RIL pays Rs 1,100 Cr Vs Rs 830 Cr (YoY)
5. TCS pays Rs 230 Cr Vs Rs 177 Cr (YoY)
6. Bajaj Auto pays Rs 370 Cr Vs Rs 310 Cr
7. Zee Ent pays Rs 30 Cr Vs Rs 37.5 Cr (YoY)
8. Alstom Projects pays Rs 12 Cr Vs Rs 16 Cr (YoY)
9. Bennett Coleman pays Rs 165 Cr Vs Rs 65 Cr (YoY)
10. SBI pays Rs 1,850 Cr Vs Rs 1,795 Cr (YoY)
11. LIC pays Rs 1,070 Cr Vs Rs 980 Cr (YoY
12. Marico pays Rs 21 Cr Vs Rs 18 Cr (YoY)
13. PNB pays Rs 640 Cr Vs Rs 618 Cr (YoY)
14. Bank Of Baroda pays Rs 435 Cr Vs Rs 330 Cr (YoY)
15. Bank Of India pays Rs 150 Cr Vs Rs 102 Cr (YoY)
16. Central Bank Of India pays Rs 179 Cr Vs Rs 138 Cr (YoY)
17. Abbott India pays Rs 7.5 Cr Vs Rs 10.5 Cr (YoY)
18. GIC Hsg Fin pays Rs 7.6 Cr Vs Rs 8.17 Cr (YoY)
19. Bombay Dyeing pays Rs 85 Lakh Vs Rs 1.25 Cr (YoY)
20. Bajaj Electricals pays Nil Vs Rs 6 Cr (YoY)
21. Gwalior Chem pays Rs 10 Lakh Vs Rs 10 Cr (YoY)
22. Abbott Health pays Nil Vs Rs 2 Cr (YoY)
23. Bajaj Electrical pays Rs 21 Cr Vs Rs 17 Cr (YoY)
24. BSE pays Rs 10 Cr Vs Rs 20 Cr
25. Tata Steel pays Rs 1,000 Cr Vs Rs 650 Cr
26. L&T pays Rs 270 Cr; Unchanged From Year Ago
27. Hindalco pays Rs 200 Cr Vs Rs 148 Cr (YoY)
28. M&M pays Rs 236 Cr Vs Rs 195 Cr
29. StanChart pays Rs 325 Cr Vs Rs 480 Cr
30. HDFC Bank pays Rs 750 Cr Vs Rs 400 Cr
31. ICICI Bank pays Rs 450 Cr Vs Rs 301 Cr (YoY)
32. Dena Bankpays Rs 75 Cr Vs Rs 65 Cr (YoY)
33. Dena Bankpays Rs 75 Cr Vs Rs 65 Cr (YoY)
34. Tata Motors pays Rs 220 Cr Vs Rs 100 Cr (YoY)
35. Tata Sons pays Rs 40 Cr Vs Rs 20 Cr (YoY)
36. Tata Power pays Rs 58 Cr Vs Rs 81 Cr (YoY)
37. Tata Chem pays Rs 58 Cr Vs Rs 40 Cr (YoY)
38. UltraTech pays Rs 165 Cr Vs Rs 90 Cr
39. GSK Pharma pays Rs 90 Cr Vs Rs 85 Cr (YoY)
40. UltraTech pays Rs 165 Cr Vs Rs 90 Cr
41. GSK Pharma pays Rs 90 Cr Vs Rs 85 Cr (YoY)
42. DBS Bank pays Rs 20 Cr Vs Rs 75 Cr (YoY)
43. Deutsche Bank pays Rs 170 Cr Vs Rs 160 Cr (YoY)
44. Citi Bank Pays `200 Cr Vs Rs 230 Cr (YoY)

Advance Tax Numbers - Q2FY11

* RIL advance tax at Rs 1,308 crore Vs Rs 1,157 crore
* ACC advance tax at Rs 60 crore Vs Rs 150 crore (YoY)
* HUL advance tax at Rs 140 crore Vs Rs 170 crore (YoY)
* Hindalco advance tax at Rs 140 crore Vs Rs 70 crore (YoY)
* Grasim advance tax at Rs 80 crore Vs Rs 200 crore (YoY)
* HDFC advance tax at Rs 400 crore Vs Rs 320 crore (YoY)
* Century Textiles advance tax at Rs 18 crore Vs Rs 47 crore
* Yes Bank advance tax at Rs 105 crore Vs Rs 58 crore (YoY)
* Bank of Baroda advance tax at Rs 385 crore Vs Rs 412 crore (YoY)
* Bank of India advance tax at Rs 250 crore Vs Rs 269 crore (YoY)
* Central Bank of India advance tax at Rs 206 crore Vs Rs 79 crore (YoY)
* BPCL advance tax at Rs 206 crore Vs Rs 312 crore (YoY)
* Abott India advance tax at Rs 12 crore Vs Rs 12 crore (YoY)
* Bajaj Electricals advance tax at Rs 28 crore Vs Rs 19 crore (YoY)
* GIC Housing Finance advance tax at Rs 9.3 crore Vs Rs 7 crore (YoY)
* SBI advance tax at Rs 1,924 crore Vs Rs 1,832 crore (YoY)
* NTPC advance tax at Rs 506 crore SAIL advance tax at Rs 725 crore
* Power Grid Corp advance tax at Rs 130 crore
* Bajaj Auto advance tax at Rs 243 crore Vs Rs 170 crore
* Lupin advance tax at Rs 42.24 crore Vs Rs 49.8 crore (YoY)
* AB Nuvo advance tax at Rs 25 crore (YoY)
* RCF advance tax at Rs 19 crore Vs Rs 43 crore (YoY)
* Shipping Corp of India advance tax at Rs 9.45 crore Vs Rs 20 crore
* Wyeth advance tax at Rs 1.4 crore Vs Rs 1.5 crore
* Tata Motors advance tax at Rs 95 crore vs Rs 130 crore
* Tata Steel advance tax at Rs 500 crore vs Rs 400 crore
* Tata Power advance tax at Rs 60 crore vs Rs 75 crore
* Tata Sons advance tax at Rs 5 crore vs Rs 2 crore
* Dena Bank advance tax at Rs 75 crore vs Rs 45 crore
* ICICI Bank advance tax at Rs 600 crore vs Rs 500 crore
* HDFC Bank advance tax at Rs 600 crore vs Rs 425 crore
* L&T advance tax at Rs 280 crore vs Rs 200 crore
* M&M advance tax at Rs 150 crore vs Rs 110 crore
* Ultratech Cement advance tax at Rs 60 crore vs Rs 120 crore
* LIC Housing Finance advance tax at Rs 72 crore vs Rs 55 crore
* Tata Chemicals advance tax at Rs 60 crore vs Rs 60 crore
* SIDBI advance tax at Rs 135 crore vs Rs 130 crore
* GIC advance tax at Rs 92 crore vs Rs 47 crore.

Advance Tax Figures - Q1FY11

S.No.	Company	Advance Tax (Q1FY11)	Advance Tax (Q1FY10)
1	ACC	Rs 50 cr	Rs 60 cr
2	Ambuja Cement	Rs 65 cr	Rs 70 cr
3	Bajaj Auto	Rs 110 cr	Rs 50 cr
4	Bank of Baroda	Rs 225 cr	Rs 210 cr
5	Bharti Airtel	Rs 179 cr	Rs 100 cr
6	BHEL	Rs 400 cr	Rs 320 cr
7	CBI	Rs 100 cr	Rs 85 cr
8	HDFC	Rs 215 cr	Rs 175 cr
9	HDFC Bank	Rs 315 cr	Rs 250 cr
10	Hero Honda	Rs 75.7 cr	Rs 64.6 cr
11	HUL	Rs 75 cr	-
12	Infosys	Rs 275 cr	Rs 230 cr
13	HPCL	Rs 61 cr	Rs 15 cr
14	IDBI	Rs 80 cr	-
15	Johnson and Johnson	Rs 16 cr	Rs 14 cr
16	LITL	Rs 20 cr	Rs 12 cr
17	Lupin	Rs 15.6 cr	Rs 11.4 cr
18	Nestle India	Rs 44 cr	Rs 37.5 cr
19	NTPC	Rs 280 cr	Rs 276 cr
20	Oriental Bank	Rs 140 cr	Rs 70 cr
21	PFC	Rs 127 cr	Rs 110 cr
22	PNB	Rs 317 cr	Rs 263 cr
23	Ranbaxy	Rs 17.5 cr	Rs 15 cr
24	REC	Rs 128 cr	Rs 88 cr
25	RIL	Rs 653 cr	Rs 314 cr
26	Supreme Industries	Rs 15 cr	Rs 6 cr
27	Suzlon	Nil	Rs 35 cr
28	TCS	Rs 128 cr	Rs 53 cr
29	Union Bank	Rs 168 cr	Rs 104 cr
30	Yes Bank	Rs 50 cr

Q4 Advance Tax Numbers

Q4 Advance Tax Numbers

Advance Tax Numbers

Company	Q3FY09 (Rs bn)	Q3FY08 (Rs bn)
Reliance Ind	8.5	4.5
Tata Steel	6.5	2.6
ICICI Bank	3.0	6.3
SBI	18.0	17.0
ACC	1.1	1.3
TCS	1.8	1.3
Lupin	0.3	0.2
Yes Bank	0.9	0.4
Ultratech Cem	0.9	0.7
Dena Bank	0.7	0.6
Indusind Bank	0.7	0.2
BOB	3.3	2.2
BOI	1.0	3.7
Central Bank	1.4	1.6
M&M Finance	0.8	0.4
Tata Chemicals	0.4	0.8
Bajaj Auto	3.2	0.5
Tata Power	0.8	0.3
Ambuja Cem	1.4	1.4
IDBI	0.7	0.2
Asian Paints	1.2	0.5
PNB	6.2	5.1
SCI	0.1	0.1

India Advance Tax Numbers

Fourteen firms which reportedly paid higher advance tax in Q2 September 2009 rose by 0.30% to 1.65% on hopes these firms may report higher earnings in Q2 September 2009.

Tax collection in the second quarter is significant, since companies or banks pay almost 45% of the total annual tax payable. The first quarter accounts for 15%.

Reliance Industries rose 0.30% to Rs 2186.70. The company is reported to have paid 69.4% higher advance tax to Rs 1157 crore in the second installment of 15 September 2009 over the second installment of 15 September 2008

Larsen & Toubro rose 0.94% to Rs 1644.75. The company is reported to have paid 40% higher advance tax at Rs 210 crore in the second installment

HDFC Bank rose 0.77% to Rs 1525. The company is reported to have paid 34.92% higher advance tax at Rs 425 crore

State Bank of India rose 1.21% to Rs 2033.50. The company is reported to have paid 22.53% higher advance tax to Rs 1838 crore

Mahindra & Mahindra rose 1.64% to Rs 856.40. The company is reported to have paid 540% higher advance tax to Rs 112 crore in the second installment of 15 September 2009 over the second installment of 15 September 2008

Tata Motors rose 0.66% to Rs 573. The company is reported to have paid 116.67% higher advance tax to Rs 130 crore in Q2 September 2009 over Q2 September 2008.

Bajaj Auto rose 1.65% to Rs 1387. The company is reported to have paid 89% higher advance tax at Rs 170 crore

Tata Power Company rose 0.93% to Rs 1296.50. The company is reported to have paid 435.71% higher advance tax at Rs 75 crore in the second installment

Sterlite Technologies rose 0.46% to Rs 281.70. The company is reported to have paid 233.33% higher advance tax at Rs 20 crore in the second installment

IDBI Bank rose 0.40% to Rs 113.35. The company is reported to have paid 210% higher advance tax at Rs 62 crore in the second installment

Ultratech Cement rose 1.60% to Rs 741.30. The company is reported to have paid 204.88% higher advance tax at Rs 125 crore

Lupin rose 1.42% to Rs 1092.65. The company is reported to have paid 195% higher advance tax at Rs 50 crore

TCS was almost unchanged at Rs 570.80. The company is reported to have paid 171.6% higher advance tax to Rs 220 crore

Asian Paints rose 0.98% to Rs 1385. The company is reported to have paid 70% higher advance tax at Rs 85 crore

Advance Tax Numbers

Company	Jan-Mar ‘08	Jan-Mar ‘09	% Chg
SBI	1418	1810	27.64
BoI	194	590	204.12
Tata Steel	300	406	35.33
L&T	170	275	61.76
HDFC Bank	250	275	10.00
ICICI Bank	250	250	—
Dena Bank	50	75	50.00
Tata Chem	90	75	-16.67
Hindalco	150	70	-53.33
Grasim	280	65	-76.79
TCS	116	53	-54.31
LIC HF	30	46	53.33
Tech Mahindra	0	35	—
IndusInd	19	27	42.11
Tata Power (In Rs crore)	43	7	-83.72

India Advance Tax Numbers

Advance tax nos

(Rs mn)	Q3 FY08	Q3 FY09	% change
SBI	10,880	17,000	56.3
BoI	2,100	3,700	76.2
BoB	2,000	2,200	10.0
Central Bank Of India	730	1,630	123.3
HDFC Bank	2,800	2,500	-10.7
ICICI Bank	5,000	4,700	-6.0
IndusInd Bank	200	220	10.0
HDFC	2,150	2,790	29.8
LIC Housing	330	440	33.3
Reliance Industries	5,190	4,400	-15.2
L&T	1,800	3,120	73.3
Tata Chemicals	570	830	45.6
TCS	1,080	1,290	19.4
Tata Steel	7,500	2,300	-69.3
Tata Sons	1,450	400	-72.4
Tata Power	250	280	12.0
Ultratech	1,400	650	-53.6
Mahindra & Mahindra	600	40	-93.3

Advance tax payment at 30%

The advance tax pay-out of Corporate India is estimated to have recorded a 30-per cent increase for the June 15 instalment on a year-on-year basis, going by the data available with the Revenue department.

For the June 15 instalment in 2007, the Income Tax department had mopped-up advance tax of about Rs 19,000-20,000 crore from the corporate sector.

ONGC continued to hold the top position in the Top Ten advance taxpayers’ league which has GAIL and BSNL as new entrants.

In 2007-08, while GAIL was placed in the 18th position in 2007-08, BSNL did not figure in the top 50 , according to sources in the Revenue department.
5-year period ends

BSNL’s advance tax pay-out for June 15 instalment this year stood at Rs 312 crore, nearly three times the Rs 105 crore paid in June last year. The main reason for increased advance tax pay-out is the expiry of Section 80-IA benefit last fiscal.

“Profitability is not the main issue. Tax incidence is there because Section 80-IA benefits expired last year. The five-year period has been completed. So we are paying more advance tax now. To be on the safer side and avoid penalties, we have in fact paid a little more to the tax department,” Mr S.D. Saxena, Director (Finance), BSNL, told Business Line.
PSEs dominate

The public sector dominance in the top ten advance taxpayers’ league continues even after some churn in the latest edition.

The private sector, which has started to expand its footprints abroad, had a somewhat subdued presence, with only three firms — Reliance Industries, Tata Steel and ICICI Bank — figuring in the Top Ten league.
Why subdued presence

One of the plausible reasons for such subdued presence of the private sector could be income-tax exemptions given for units in sectors such as information technology and telecom.

Analysts reckon that income-tax pay-outs of firms in these sectors may increase in the next few years after the termination of the sun-set clause specified period.

Reliance Industries and Tata Steel were the only private sector companies to figure in the top ten for 2007-08. In 2006-07, Tata Steel was the only private sector company to find a place in such a listing.

ICICI Bank, which did not find a place in the final list of top ten advance taxpayers’ for 2007-08, has returned to the top ten list in the June 15 instalment with an advance tax payment of Rs 340 crore (Rs 250 crore).
IOC’s burden

Indian Oil Corporation (IOC), which figured among the top five advance taxpayers’ in 2007-08, does not find a place in the list this year, mainly on account of its inability to undertake price adjustments following spurt in global crude oil prices.

Oil marketing companies such as IOC are facing the brunt of skyrocketing prices of crude oil as petroleum products such as auto fuels and cooking gas continue to be administered.

The other entities that have moved out of the Top Ten league in the June 15 instalment this fiscal are Bharat Heavy Electricals Ltd (BHEL) and National Thermal Power Corporation (NTPC).

While BHEL has paid advance tax of Rs 300 crore (Rs 210 crore) , NTPC pay-out has declined to Rs 188 crore (Rs 202 crore).

Corporates are required to fulfil their advance tax obligations in a financial year over four instalments — in June, September, December and March.

The Centre’s direct tax revenues have been robust this fiscal, with collections recording a 71.28 per cent increase during the first two months (April-May) to Rs 22,840 core as against Rs 13,335 crore in the same period last year.

The buoyancy in direct tax collections had prompted the Finance Minister, Mr P. Chidambaram, to advise the Central Board of Direct Taxes (CBDT) to revise upwards its collection targets for 2008-09. As against the Budget estimate of Rs 3,65,000 crore for 2008-09, the CBDT is now looking at a target of Rs 3,90,000 to 4,00,000 crore this fiscal.

Advance Tax Numbers

Company Name	Jan-Mar 2008	Jan-Mar 2007
Ambuja Cements	170	100
Bank of India	191	150
Bank of Baroda	220	50
BPCL	240	275
Castrol	46	24
Central Bank of India	221	-
Dena Bank	50	10
HDFC Bank	250	165
ICICI Bank	250	125
Indian Hotels	44	2
IndusInd Bank	19	12
Larsen & Toubro	170	80
Mahindra & Mahindra	116	83
MRPL	100	20
Reliance Industries	443	118
SBI	1,418	690
Tata Chemicals	90	65
Tata Motors	75	190
Tata Power	43	-
TCS	115	20
Tech Mahindra	-	6
Tata Steel	300	350
UltraTech Cement	155	110
Union Bank	130	100