Advance tax: Banks, cement companies falter, but IT firms payout up

MUMBAI: SBI and Bank of Baroda have paid Rs 1,456 crore and Rs 360 crore as advance tax, respectively, for the quarter ended March, reporting nearly flat growth from a year-period.

According to income-tax department officials, the tax collection figures are a little disappointing due to sluggish manufacturing demand and slower growth in banking and finance. The last date to pay advance tax for the fourth quarter was March 18 (Tuesday).

Mumbai is the biggest revenue contributor with about 33% of the nation’s total corporate tax collections coming from there. The total tax target of the income tax department’s Mumbai circle for 2013-14 is pegged Rs 2.04 lakh crore.