Jindal St is biggest corp taxpayer in NW

Steel major Jindal Steel & Power has emerged as the highest tax payer...

Steel major Jindal Steel & Power has emerged as the highest tax payer among corporate assessees in the North West Region (NWR) by paying Rs 75 crore as advance tax in June.

Hisar-based Jindal Steel and Power paid the first installment of advance tax of Rs 75 crore in June this year,said an official of the Income Tax department (NWR) here. It had paid total tax amounting to Rs 304 crore in 2009-10.

Public sector lender State Bank of Patiala occupied the second slot as it paid Rs 72 crore as advance tax,posting a growth of 33.33 per cent in comparison to tax paid in last year. The bank paid total tax of Rs 360 crore in last fiscal.

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Power major NHPC Ltd,which is based at Faridabad,paid advance tax to the tune of Rs 70 crore,which was up by 250 per cent against tax paid in last fiscal. NHPC paid tax to the tune of Rs 360 crore in 2009-10.

Srinagar based J & K Bank and Gurgoan-based Honda Motorcycle deposited advance tax amounting to Rs 45 crore and Rs 23.70 crore respectively.

“The growth in advance tax collections clearly indicate that the corporate sector has started witnessing improvement,” a senior official of Income Tax department said.

The income tax department has set a target of collecting tax of Rs 6,400 crore from corporate sector in NWR in current fiscal against Rs 5,640 crore mobilised in last fiscal.

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NWR comprises Punjab,Haryana,Himachal Pradesh,Chandigarh and Jammu and Kashmir.