Advance tax collection: Automobile, IT firms lead surge in April-June qtr

Sharp growth in advance tax payment by India Inc has been led mainly by automakers and technology giants including Maruti Suzuki, Hero MotoCorp, Tata Consultancy (TCS), and Infosys. These four companies reported a jump between 44 per cent and 200 per cent in the April-June quarter of this financial year on account of a low base. Even top financial institutions such as State Bank of India (SBI) and ICICI Bank reported lower (but double-digit) growth in tax payment. According to officials, the first-quarter numbers have been compared with the beginning of the pandemic-induced l.....

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