According to the latest figures compiled by the income-tax department, Mumbai, advance-tax collections from the banking sector have shown an increase. Collections from most oil majors, insurance firms, automobile companies, pharma units and advertising agencies have slumped.

Videsh Sanchar Nigam (VSNL) follows SBI with a figure of Rs 421 crore, up 5 per cent up from last year's Rs 402 crore. The company paid a higher advance tax of Rs 154 crore in the fourth installment in March 1998, as against the expected Rs 89 crore.

VSNL is followed by Life Insurance Corporation (LIC) of India, which paid Rs 371.54 crore. LIC was the highest advance-tax payer last year with Rs 509 crore. "The dip of around 27 per cent in LIC's advance tax clearly indicates that the insurance sector has not done too well during theyear," an analyst said.

LIC was expected to pay around Rs 124 crore advance tax in the fourth installment, but did not make any payment.

The Industrial Development Bank of India (IDBI) paid Rs 343 crore, up 25 per cent from Rs 275 crore last year. The bank paid around Rs 10 crore more advance tax in the last installment than the anticipated Rs 83 crore.

Hindustan Petroleum Corporation (HPCL) was in the fifth slot with Rs 280 crore, Rs 100 crore less than the previous year's figure. IOC was next with around Rs 270 crore, followed by Hindustan Lever (HLL) which forked out Rs 222 crore (Rs 140 crore in 1996-97).

Bajaj Auto and Bharat Petroleum Corporation (BPCL) have shared the seventh position with Rs 150 crore. While Bajaj Auto paid around Rs 10 crore (against the expected Rs 46.6 crore) in the fourth installment, BPCL paid Rs 40 crore, more than the expected Rs 36.6 crore in the last installment. "The last quarter payment of oil companies increased owing to the rise in the interest-tax liabilityarising out from the petro-bonds," sources said.

Among private sector banks, Citibank NA paid the highest advance tax of Rs 141 crore, a jump of around 66 per cent over the previous year's Rs 85 crore. It was followed by Deutsche Bank AB with Rs 121.7 crore and Bank of America (Rs 121.20 crore).

The tenth highest advance tax payer was New India Assurance Company with Rs 140 crore, a fall of around eight per cent over the previous year's 151.5 crore.

Telco's advance-tax showed a sharp fall of around 65 per cent to Rs 81 crore in 1997-98 from Rs 231 crore in 1996-97. The company did not pay any tax in the third and fourth installments.

According to the Income-Tax Act, 1961, corporates have to pay advance tax in four installments. The first installment involves payment of 15 per cent of the total annual tax liability payable by June 15; after that it is 45 per cent by September, 70 per cent by mid-December and the entire tax liability by March 15.