Corporate Advance Tax for Q2-FY09

We have obtained information about Advance Tax numbers by various corporates in India paid for Q2 of FY09. Here is the list [All figures in Rs Crore],

  • State Bank of India – 1,560 Vs 1,054
  • ICICI Bank pays Rs 250 Cr vs Rs 125 Cr
  • HDFC Bank pays Rs 250 Cr vs Rs 165 Cr
  • Bank Of India pays Rs 191 Cr vs Rs 150 Cr
  • Union Bank pays Rs 130 Cr vs Rs 100 Cr
  • Central Bank pays Rs 220 Cr vs Nil
  • Tata Steel pays Rs 300 Cr vs Rs 350 Cr
  • Tata Motors pays Rs 75 Cr vs Rs 190 Cr
  • TCS pays Rs 115 Cr vs Rs 20 Cr
  • MRPL pays Rs 100 Cr vs Rs 20 Cr
  • Indian Hotel pays Rs 44 Cr vs Rs 2 Cr
  • L&T pays Rs 170 Cr vs Rs 80 Cr
  • Videocon 25 Cr vs 20 Cr
  • Reliance 680 cr vs 650 cr
  • HDFC 290 Cr

Except Tata Steel and Tata Motors, rest have seen an increase in the numbers compared YoY basis.

Advance Tax Numbers for Q1- FY2009.

Macquarie analysis shows that advance taxes paid in a quarter by a company has no correlation. 75% of the time the advance tax paid in a particular quarter is different from the accounting tax by more than 25%. There is absolutely no pattern – not even a normal distribution, not even a systemic understatement.