Advance tax payments from India Inc's top 100 companies have risen 9.9 percent on year at 317.07 billion rupees in the July-September quarter from the year ago period,a finance ministry official told reporters on Wednesday. Total advance tax figures for the April-September period now stand at 930 billion rupees,an increase of 9.4 percent from the year ago period. Advance taxes are part of annual estimated corporate and income tax liabilities that are paid in four installments on the 15th day of every quarter starting 15th March every year. The official also said that the government hopes to meet the FY12 direct tax target of 5.33 trillion rupees. Direct tax comprises income tax,corporation tax and wealth tax.
