HDFC pays Rs 400-cr as advance tax

Advance tax payment system is a way of staggered payment of taxes and is of benefit to tax-payers who find difficulties arranging a big amount at the end of each fiscal. Generally,the advance tax payments 8212; which happen on a quarterly basis,are seen as a barometer of the company8217;s performance during the quarter.

Amongst other corporates whose tax payments grew this quarter were Grindwell Norton which paid Rs 11 crore in advance tax as against Rs 9 crore last year,the source said,adding that the numbers of many corporates were not immediately available as the deadline for filing returns is on Wednesday.

However,some companies like oil PSU HPCL saw a decline in their advance tax payments,the source said,adding the Mumbai-based company8217;s tax payment went down to Rs 29 crore in the December quarter from Rs 48 crore.

Media house Zee Networks8217; payment also declined to Rs 30 crore from Rs 37.50 crore last year,the source said. Clariant Rs 18 crore versus Rs 19 crore last year and Alstom Projects Rs 12 crore versus Rs 16 crore last year were the other companies whose advance tax payments declined,the source said.