In a sign of marked improvement, the advance tax paid by 100 top corporate houses based in Mumbai was up 17 per cent in the December quarter at Rs 20,047 crore (Rs 17,149 crore). Despite high interest rates and a slowing economy, the top companies’ payment in the first three quarters this fiscal was up 13 per cent at Rs 49,342 crore (Rs 43,586 crore). These companies, which account for 30 per cent of the annual corporate tax collection, had paid Rs 58,954 crore as advance tax last fiscal. The government has set a direct tax collection target of Rs 5.70 lakh crore for this fiscal. Direct taxes include income-tax, corporate tax and wealth tax.
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