advance tax 2010
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Advance Tax grown up by 30 percent
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Income-Tax

Advance Tax grown up by 30 percent
Companies pay Rs.1,107 crore as an advance tax

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Advance Tax grown up by 30 percent

Companies pay Rs.1,107 crore as an advance tax


The advance tax payout by top one hundred corporate assesses in the State has grown by 30 percent for the first quarter that ended on Tuesday. According to a top income Tax official said that the companies paid Rs.1,107 crore as against Rs.851 crore for the corresponding period last year.

He expected advance tax payments by the company to catch up the remaining three installments. On the other hand, the payment by SBH came down on account of interest liability hike caused by the revised method of interest payment on a daily basis. The official said ten companies alone contributed Rs.827 crore out of the total collection of Rs.1,107 crore. The others being Dr. Reddy's Labs, Coramandal Fertilizers, Aurobindo Pharma, Deccan Chronicle and Zuari Cement.

The State had target of collecting Rs.21,551 crore for the whole year as against Rs.18,675 core last year that means a 16 percent growth. The targeted collection would include Rs.14,608 crore from 14,000 companies and Rs.6,891 crore from individuals. The State stood fifth in terms of collections at national level, he added.

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