State Bank of India heads the list of the biggest advance tax-payers while 3 other public sector companies — LIC , IOC and Bank of Baroda are some of the leading 10 advance tax-payers for this fiscal (FY10), according to an Income Tax source. This increase in the tax payment was due to its popular teaser home loan.
SBI has paid Rs 6,552-crore as advance tax as against Rs 5,733-crore (Rs 57.33 billion) last year. The source said that SBI is succeeded by LIC in 2nd position and RIL in 3rd position. IOC is 4th and Bank of Baroda is 7th.
Other banks in the list include Standard Chartered Bank and HDFC Bank in the 5th and 6th positions respectively.
Citibank, HSBC and Bank of India have seen a decrease in their tax payment this year.
Citibank’s tax collection has drastically reduced to Rs 150-crore in Q4 FY10 as against the Rs 1,010-crore (Rs 10.1 billion) it paid last year for the period..
HSBC’s annual payment has decreased to Rs 835-crore (Rs 8.35 billion) from Rs 1,375-crore (Rs 13.75 billion) last fiscal while its Q4 payment is Rs 190-crore (Rs 1.9 billion) as against to Rs 350-crore (Rs 3.5 billion) it paid last year for the same period.
Bank of India has paid Rs 702-crore (Rs 7.02 billion) for FY10 as compared to previous year’s Rs 1,172-crore (Rs 11.72 billion). ICICI Bank also has paid less at Rs 1,502-crore (Rs 15.02 billion) as compared to previous year’s Rs 1,709-crore (Rs 17.09 billion).
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