Uttar Pradesh, India (PressExposure) June 18, 2009 -- In the quarter of April to June, 100 top taxpaying companies have recorded higher tax payments which is hinting towards enhanced earnings in the over the year-ago period.
The sources from the department of income tax says that there has been a 10-20 percent rise in the tax payment from the last year. However, the study shows that the development is not at par with the last year's 70% increase in the tax payments which happened because of the unprecedented boom in the economy. Mumbai adds 30-35 percent of all India tax collections.
The first installment of the advance tax in the month of June adds a total of 15% to the total tax collection of the financial year. However, 40% of the total tax would be paid by the companies in the month of September which would clear the fact that the earnings are increasing or not.
State Bank of India, the largest bank of India has recorded the tax payment of Rs.1,070 crore in the first quarter with the rise of 60% if compared to the last year's tax payment of Rs.663 crore.
ICICI Bank, which is the largest private sector bank of India has also recorded the rise in the first quarter advance tax payment with the total payment of Rs.366 crore which last year stood at Rs.340 crore.
The rise in the tax payment is also seen in LIC, the leading life insurance company of India with the total advance payment of Rs.475 crore in comparison with last year's Rs.435 crore payment.