Reliance likely to pay Rs 900 crore advance tax in Q1

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Reliance likely to pay Rs 900 crore advance tax in Q1

Mukesh Ambani's Reliance Industries is likely to pay advanced tax of Rs 900 crore in the first quarter (April-June), compared with Rs 650 crore tax it paid in the year ago quarter, CNBC-TV18 said quoting sources.

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The first quarter advance tax numbers have tripled with heavyweights led by Reliance Industries making impressive payments, while it's a mixed bag as far as the Tata Group is concerned. CNBC-TV18's Ashwin Mohan reports.

Sources say Mukesh Ambani-led Reliance Industries is likely to pay advanced tax of about Rs 900 crore in the first quarter (April-June), compared with Rs 650 crore tax it paid in the year ago quarter.

However, it is banking major SBI , which has topped the list with an payment of Rs 1,100cr versus Rs 856 crore, YoY.

Top software services provider Tata Consultancy Services is likely to pay Rs 250 crore in advance tax for the first quarter, compared with Rs 128 crore it paid a year ago, and rival Infosys Technologies will likely pay tax of Rs 300 crore, compared with Rs 225 crore a year ago.

Motorcycle maker  Bajaj Auto is likely to pay an advanced tax of Rs 125 crore, up Rs 15 crore from a year ago and pharma company Lupin will pay an advanced tax of Rs 18 crore, compared with Rs 15 crore a year ago.

Amongst other companies, HDFC Bank , India's second largest private sector lender, is likely to pay Rs 340 crore in advance tax for the quarter, compared with Rs 315 crore it paid in the year ago quarter, the report said.

Among public sector banks, Bank of Baroda 's advance tax payment is likely to be around Rs 255 crore, up from Rs 225 crore a year ago, while Bank of India is likely to pay Rs 165 crore in advance tax for the first quarter quarter, lower than the Rs 168 crore it paid in the year ago quarter. Central Bank will likely pay advanced tax of Rs 138 crore, compared with Rs 150 crore a year ago.

Asian Paints ' advance tax payment is likely to go up to Rs 52 crore, versus Rs 47 crore a year ago and home loan company HDFC is likely to pay an advance tax of Rs 255 crore, compared with Rs 215 crore it paid a year ago. HDFC's rival LIC Housing Finance will likely pay advanced tax of Rs 45 crore, versus Rs 38 crore paid a year ago.

Engineering and construction giant Larsen & Toubro will likely pay advance tax of Rs 160 crore for April-June, up by Rs 30 crore from a year ago. But state-owned oil refiner BPCL 's tax payment is likely to be lower by Rs 50 crore from a year ago at Rs 75 crore.

Some of the Tata Group companies are also likely to pay a lower advanced tax. While Tata Steel is likely to pay Rs 250 crore tax compared with Rs 300 crore paid in the year ago quarter, advanced tax payments of Tata Motors and Tata Power are likely to be lower by Rs 5 crore at Rs 60 crore and Rs 30 crore respectively.  

Oracle Financial Services has paid an advance tax of Rs 35 crore, versus Rs 30 crore a year ago, CNBC-TV18 reported. Passenger car maker Fiat and Century Textiles are not likely to pay any advance tax for the first quarter, it said. Century Textiles is likely to pay Rs 5 crore as MAT (Minimum Alternate Tax) in the first quarter, the report said.

Cigarette maker Godfrey Phillip 's advance tax payment is expected to double to Rs 12 crore in the first quarter and Aventis Pharma 's advance tax will be marginally higher at Rs 12 crore, compared with Rs 10 crore it paid in the year ago quarter. Castrol India 's advance tax will also be a little higher at 40 crore, versus Rs 39 crore a year ago.

Logistics company Blue Dart is likely to pay an advanced tax of Rs 4.25 crore, versus Rs 2 crore a year ago and CRISIL will pay an advanced tax of Rs 4.9 crore, up from Rs 3 crore in the year ago quarter.