Cos pay Rs 23,000 cr as Q1 advance tax

Indian companies paid around Rs 230 billion of taxes in advance for the first quarter of FY10,almost flat at the previous year’s receipts,a finance ministry official said citing provisional data.

“It is matter of satisfaction that despite economic slowdown the companies have paid as much taxes in first quarter of 2009/10 as in the previous year,when the economy was growing at over 9 per cent,” the official,who did not wish to be named,said.

He said banking,fast-moving consumer goods and auto companies paid higher tax this year,while some sectors like real estate lagged.

Companies are required to pay first installment of corporate taxes in advance by June 15.