Top 100 Mumbai cos’ advance tax up 18%

September-quarter advance tax payments by the top 100 companies from the Mumbai rose.

September-quarter advance tax payments by the top 100 companies from the Mumbai region rose about 18 percent on year,a source at the income tax department said on Thursday,indicating a substantial growth for these corporates in the second quarter.

India’s top software outsourcer Tata Consultancy Services is seen paying 5.7 billion rupees as advance tax for July-September,up over 100 percent from a year ago,while the number has risen 67 percent to 20 billion rupees for top-listed Reliance Industries,the source said.

India’s central bank will unveil its mid-quarter policy review at noon on Friday,and most economists are betting it will increase rates by a quarter-point – the 12th increase in 18 months – putting growth on the back foot.

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While private-sector HDFC Bank is seen paying 33.3 percent higher advance tax for the September-quarter at 8 billion rupees,India’s largest lender State Bank of India’s advance taxes are seen falling 10.5 percent to 17 billion rupees,the source said.

Overall the growth will help us achieve our yearly target. Initial assesements suggest that private banks and steel companies are doing well,the official told reporters.

The target for the Mumbai tax region for the year-ending March 2012 is 1.85 trillion rupees compared with 1.53 trillion rupees collected a year ago,P.P. Srivastava,chief commissioner of income tax,Mumbai had said in June.

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