SBI tops list of advance tax payers for FY10

State Bank of India tops the list of the highest advance tax-payers while three other public sector entities -- LIC, IOC and Bank of Baroda, find themselves amongst the top ten advance tax-payers list for this fiscal (FY10), an Income Tax source said.

SBI has shelled out Rs 6,552-crore as advance tax as compared to Rs 5,733-crore (Rs 57.33 billion) in the year-ago period while Mukesh Ambani-run Reliance Industries tops the list in the private sector with a payment of Rs 3,075-crore (Rs 30.75 billion) as against Rs 1,838-crore (Rs 18.38 billion) in the last fiscal.

RIL occupies the third spot among the top-10 highest advance tax-payers, the source said. "SBI is followed by LIC (second spot) which has made a total payment of Rs 3,253-crore (Rs 32.53 billion) for FY10 as against Rs 2,988-crore (Rs 29.88 billion) last fiscal," the source said.

"Indian Oil Corporation is fourth in the list while Bank of Baroda is seventh, both of them public sector units" the source said.

Standard Chartered Bank and HDFC Bank also figure amongst the top ten at fifth and sixth spots respectively, the source said.

In Q4 FY10, SBI paid Rs 1,857-crore (Rs 18.57 billion) as against Rs 1,810-crore (Rs 18.10 billion) in the year-ago period, while LIC paid Rs 864-crore (Rs 8.64 billion) in the same quarter against Rs 810-crore (Rs 8.1 billion) in the year-ago period.

Reliance Industries paid Rs 770-crore (Rs 7.7 billion) in Q4 FY10 as against Rs 365-crore (Rs 3.65 billion) in the year-ago period. Fourth-placed IOC shelled out Rs 1,505-crore (Rs 15.05 billion) for the fiscal as against Rs 150-crore (Rs 1.5 billion) last fiscal. In Q4 FY10, it paid Rs 275-crore (Rs 2.75 billion) as against Rs 150-crore (Rs 1.5 billion).

Two foreign banks, Citibank and HSBC as also domestic player Bank of India have paid lesser this year, the source said.

Citibank's contribution to the national coffer has significantly reduced to Rs 150-crore in Q4 FY10 as compared to the Rs 1,010-crore (Rs 10.1 billion) it paid in the year-ago period.

The banking major made a total payment of Rs 800-crore (Rs 8 billion) for the year (FY10) down substantially from the Rs 1,710-crore (Rs 17.1 billion) it paid last year.

HSBC's yearly payment has reduced to Rs 835-crore (Rs 8.35 billion) from the Rs 1,375-crore (Rs 13.75 billion) it made in the previous fiscal while its Q4 payment stands at Rs 190-crore (Rs 1.9 billion) as compared to Rs 350-crore (Rs 3.5 billion) it paid in the year-ago period.

Bank of India has paid Rs 702-crore (Rs 7.02 billion) for FY10 as against last year's Rs 1,172-crore (Rs 11.72 billion) while India's largest private sector bank, ICICI Bank, too has paid less at Rs 1,502-crore (Rs 15.02 billion) against last year's Rs 1,709-crore (Rs 17.09 billion).

Tata Steel's contribution for this fiscal stands reduced to Rs 1,793 crore (Rs 17.93 billion) as compared to last year's Rs 2,111-crore (Rs 21.11 billion), the source said.