Cheers - Advance tax collections increases by 20 percent

(posted under - Advance tax collection) - Mumbai accounts for almost 40 per cent of the country's total tax collection.

The growth is likely to come on the back of a higher collection from banking, oil and gas and auto sectors, an Income Tax source said.

"Banks, auto and oil and gas sectors have done well. In fact, some of the banks have exceeded our expectations," the source said.

India's premier bank, State Bank of India has shelled out Rs 1,838-crore as advance tax while the country's second-largest, ICICI Bank, has paid Rs 501-crore as advance tax for Q2, the source said.


Another private bank, Yes Bank, has paid Rs 58-crore rpt Rs 58-crore as against Rs 33-crore it paid as advance tax in Q2 of last fiscal.

Tata Group companies, Tata Steel and TCS also paid a higher advance tax in Q2 at Rs 400-crore and Rs 220-crore respectively, source said.

While Tata Steel paid Rs 230-crore as advance tax in Q2 of FY 09, TCS paid Rs 81-crore.