The Indian economy seems to be on the mend with advance tax payments by banks, oil and auto companies showing a healthy rise. While the final figures are yet to be computed, initial trends suggest that advance tax collections in the second instalment will top the Rs 40,000 crore collected in September last year.
In Mumbai, which accounts for 40 per cent of the country’s direct tax collections, advance tax receipts are expected to rise by 20 per cent. State Bank of India has paid Rs 1,838 crore as advance tax in the second tranche against Rs 1,560 crore a year ago. In the Tata group, Tata Steel’s advance tax outgo rose by nearly 74 per cent to Rs 400 crore in this instalment.
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