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HDFC saw a moderate increase in advance tax outgo for the second quarter while YES Bank’s outgo was higher.
HDFC reported a 10 per cent increase in its advance tax payments for the first quarter ended FY16 at ₹810 crore as against ₹735 crore a year ago, according to a company official.
On the other hand, YES Bank paid an advance tax of ₹310 crore for the July to September quarter, up 30 per cent as compared to ₹238 crore in the same quarter a year ago.
In the first quarter, YES Bank had paid ₹170 crore, a 36 per cent jump as against the year-ago payment of ₹125 crore. While, HDFC had reported a 12 per cent increase in its advance tax outgo to ₹465 crore for the first quarter of the current fiscal year.
Staggered paymentsThe advance tax payments entail staggered payments of income tax on a quarterly basis by corporates.
Typically, companies pay 15 per cent of their tax liabilities in the first quarter, and this goes up as the financial year progresses.
Given the weak economic sentiment last year, the advance tax paid in the January to March quarter of 2015 by top companies headquartered in Mumbai had inched up marginally to ₹20,970 crore against ₹20,890 crore in the corresponding quarter of the previous year.
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