The Hindu Business Line : ICICI Bank out of top 10 advance taxpayers’ league

New Delhi, Sept. 19 Private sector presence in the top ten advance taxpayers’ league has dwindled, going by the latest data compiled for the September 15 instalment by the revenue department.

ICICI Bank, which had a presence in the top ten league for the June 15 instalment along with Tata Steel and Reliance Industries, does not a find a place in the top ten listing for the September 15 instalment. Also moving out of the top ten taxpayers’ league is BSNL, which held the tenth rank in the June 15 listing.

PSUS dominate

Public sector dominance continues in the top ten advance taxpayers’ list, with two more PSUs – BHEL and NTPC – entering the league.

The pecking order has not changed for the top three positions. ONGC continues to hold the top position, followed by SBI and SAIL. The lower order in the listing has however seen some churn.

28% growth

While the top ten advance taxpayers’ payments for the June 15 instalment grew about 40 per cent on a year-on-year basis, sources said that the growth stood at about 28 per cent year-on-year for the September 15 instalment.

In the September 15 top ten league, Reliance Industries’ was the only company whose advance tax outgo was slightly lower than the one for the same instalment in the previous year.

For the June 15 instalment, the advance tax payout of corporate India is estimated at about Rs 24,000 crore. In the September 15 instalment, the payout of corporate India is estimated at about Rs 50,000 crore.

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

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