Major IT companies, mining firms, banks and insurance companies are likely to beat the slowdown and generate higher profits in the current year while FMCG, pharmaceuticals, telecom and infrastructure heavyweights are expected to see a fall in their profits. This inference is drawn from the advance tax paid by these companies in the first half of the current fiscal.

According to the income tax department?s assessment, the advance tax payments by ?top IT firms? witnessed an average growth of 48% in the first half of the current fiscal, compared to the corresponding period last year. Infosys and TCS figured in the list of top 100 corporate taxpayers. While Infosys paid R950 crore, up 6.15% over the year-ago period, TCS was more bullish about its profitability and forked out R850 crore to the taxman, an increase of 195%.

The insurance and mining companies followed the IT sector in terms of profitability. The average rise in taxes paid by ?major players? of both the sectors was 25%. Among the insurance companies, LIC?s tax payment increased 9% to R1,748 crore, while general insurance paid R214 crore, up 54%.

The mining companies among the top 100 taxpayers include NMDC, Mahanadi Coalfields and Sesa Goa. While NMDC?s tax outgo in the first half rose 15% to R1,550 crore, Mahanadi Coalfields registered a growth of 70% to R850 crore. Sesa Goa?s tax payment jumped 44% to R479 crore.

Tax paid by top brokerage finance companies rose 24%, chemical companies 22% and banks 18%. Besides, power and power-related companies witnessed a growth of 15% in their tax outgo.

?FMCG and pharma companies? were among the laggards. The tax outgo of ?top companies? in this sector saw a decline of 35% on an average, according to the finance ministry.

The infrastructure companies also saw a decline in their profits, with the tax payment made by major firms in the sector slipping by 13%. Besides, the advance tax payment made by the telecommunication sector witnessed a fall of 10%.

The tax payments by auto, oil and steel companies were flat. While automobile companies have seen a growth of 2%, steel companies? payments declined 2%. Oil companies paid 5% more tax in the corresponding period last year.

IOC paid no tax in the first half and Bharti Airtel?s payment declined 15% to R422 crore. Similarly, Maruti Suzuki paid R200 crore, which is 45% less than last year?s corresponding period. The payment made by SAIL decreased 18% to R891 crore.

Overall, the net direct tax collection rose just 7% to R1.94 lakh crore in the first half of the current fiscal, compared to the corresponding period last year, endorsing slowdown fears. The collection during April-September was nearly 36% of the R5.32 lakh crore target estimated for 2011-12. However, the government has now internally revised it to R5.85 lakh crore, a task which looks difficult to be achieved.

Faced with an increased and ?difficult? direct tax target, the taxmen is now focusing on high profit-making segments of the economy. According to Central Board of Direct Taxes (CBDT) chairman M C Joshi, ?These (R5.85 lakh crore) are difficult targets to achieve… We will check sections of the economy where profits are high, will compare returns (with) what they are paying in advance taxes.?