Most leading corporate houses paid higher advance tax for the fourth quarter of this fiscal compared with the corresponding previous period. The Centre had set a direct tax collection target of Rs 430,000 crore for 2010-11 against a tax mop up of Rs 370,000 crore last year.

Reliance Industries' payout was higher by 37 per cent at Rs 1,054 crore (Rs 770 crore), according to Income-Tax Department sources. Mangalore Refinery and Petrochemicals paid Rs 296 crore (Rs 180 crore).

While higher payouts reflect a better performance for the year, the future looks a bit uncertain thanks to the double whammy of rising cost of funds and raw materials.

Banking Sector

It was a mixed bag for the banking sector with shrinking profit margins and rising cost of funds. State Bank of India paid 21 per cent lower at Rs 1,500 crore (Rs 1,900 crore) while this was the same for Union Bank whose payout was lower by 60 per cent at Rs 70 crore (Rs 175 crore).

Central Bank of India coughed up Rs 110 crore (Rs 252 crore) while IDBI Bank's outgo plunged to Rs 3 crore (Rs 25 crore).

However, this was different with Bank of Baroda, which paid 33 per cent more at Rs 400 crore (Rs 300 crore). Among foreign banks, Citibank and Deutsche Bank paid significantly higher tax of Rs 400 crore (Rs 150 crore) and Rs 170 crore (Rs 60 crore). HSBC's tax payout more than doubled to Rs 449 crore (Rs 190 crore).

Auto SECTOR

In the auto space, Tata Motors' payout fell over half to Rs 50 crore (Rs 115 crore) despite higher auto sales. However, Bajaj Auto and Mahindra & Mahindra increased their outgo to Rs 250 crore (Rs 175 crore) and Rs 307 crore (Rs 226 crore) each.

The impact of rising metal prices reflected in higher tax payment in the quarter. Tata Steel's payment nearly doubled to Rs 987 crore (Rs 513 crore) while Hindalco's was up at Rs 160 crore (Rs 110 crore). Hindustan Zinc, however, showed a lower outgo at Rs 250 crore (Rs 320 crore).

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