Indian banks are the country's highest advance tax payers, according to new preliminary tax collection figures.
Despite the pressures of the current economic downturn, preliminary figures have named banks as the largest payers of advance tax for the fourth quarter of the country's 2008-09 financial year.
The State Bank of India registered as the highest payer of the tax, with PNB and the Bank of India not far behind.
Under the country's Income Tax laws, advance tax payments must be made in four installments throughout the year by companies or individuals whose overall annual tax payments reach a certain threshold.
Current economic pressures seem to have taken their toll elsewhere, however, with advance tax contributions from the country's oil, engineering and construction industries down on figures from the same period last year.
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