Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
With the Indian economy regaining its robustness, the Income-Tax Department has collected additional Rs 2,477 crore from the top 90 advance tax-payers in the third quarter this fiscal.
The total Q3 advance tax paid by these 90 companies stands at Rs 12,881 crore against Rs 10,404 crore in the corresponding period last year with 61 of them paying more this year compared to the same period last year.
Significantly, 34 of these companies shelled out 100 per cent or more in advance tax during this quarter, an Income Tax source told PTI here
The 90 companies have together contributed Rs 33,358 crore to the advance tax kitty for the three-quarters so far this fiscal against Rs 27,197 crore in the same period last fiscal.
Of these, 68 paid a higher total advance tax payment till Q3 FY 10 while 22 shelled out a lesser amount. Advance tax collection by top companies increases in the quarter, raising government advance-tax receipts and signalling stronger tax compliance. Increase in advance tax collections from the top 90 corporate advance-taxpayers was recorded in Q3, with aggregate Q3 payments rising to Rs 12,881 crore from Rs 10,404 crore year on year and an incremental Rs 2,477 crore collected. Sixty-one companies paid more in Q3; 34 paid 100% or more of assessed advance tax. For the first three quarters the group's cumulative advance-tax payments rose to Rs 33,358 crore from Rs 27,197 crore, with 68 companies paying more year to date and 22 paying less.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance tax collection by top companies increases in the quarter, raising government advance-tax receipts and signalling stronger tax compliance.
Increase in advance tax collections from the top 90 corporate advance-taxpayers was recorded in Q3, with aggregate Q3 payments rising to Rs 12,881 crore from Rs 10,404 crore year on year and an incremental Rs 2,477 crore collected. Sixty-one companies paid more in Q3; 34 paid 100% or more of assessed advance tax. For the first three quarters the group's cumulative advance-tax payments rose to Rs 33,358 crore from Rs 27,197 crore, with 68 companies paying more year to date and 22 paying less.
Note: It is a system-generated summary and is for quick reference only.