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HDFC and YES Bank have reported an increase of 12 per cent and 36 per cent, respectively, in advance tax payments for the April-June quarter of 2015-16.
Mortgage lender HDFC (Housing Development and Finance Corporation) reported a 12 per cent increase in its advance tax outgo to ₹465 crore for the first quarter of the current fiscal year.
“HDFC paid ₹465 crore, up 12.05 per cent, from ₹415 crore in the April-June quarter of 2014-15,” a company source said.
For private sector lender YES Bank, it was a 36 per cent jump to ₹170 crore as against the year-ago payment of ₹125 crore.
The advance tax payments system is one of staggered payments of income tax across the year on a quarterly basis.
Typically, companies pay 15 per cent of their tax liabilities in the first quarter, and this goes up as the financial year progresses.
Reflecting the strain on the economy in the March quarter, advance tax paid by top companies headquartered in Mumbai increased by less than 1 per cent to ₹20,970 crore against ₹20,890 crore in the March quarter last year.
High interest rates and slowing demand hit most corporate entities, leading to a lower payout in the previous quarter (January to March 2015).
Nevertheless, state-owned insurance behemoth LIC and State Bank of India have been consistent in retaining their top slot as the largest taxpayers by paying ₹1,470 crore and ₹1,750 crore, respectively, in the March quarter.
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