Advance tax up marginally by 7.5%, reflects impact of slowdown

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Advance corporate tax collection have shown 7 per cent growth year-on-year. (Reuters) Advance corporate tax collection have shown 7 per cent growth year-on-year. (Reuters)
SummaryAdvance corporate tax collection have shown 7 per cent growth year-on-year.

paid Rs 550 crore compared to Rs 525 crore last quarter while Central Bank of India paid Rs 120 crore against Rs 104 crore in the year ago period.

However, the largest steel maker Tata Steel has seen its outgo decline by more than half to Rs 529 crore as against Rs 1,090 crore.

Among the auto sector, Bajaj Auto has paid Rs 470 crore compared to Rs 450 crore, while Tata Motors has not paid any amount this time around against Rs 60 crore it had paid in the Sept-Dec quarter of last fiscal.

Finance Minister P Chidambaram had earlier said that I-T Department will adopt a non-adversarial approach in realising the direct tax target of Rs 5.70 lakh crore for 2012-13.

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