An Income Tax source has informed that State Bank of India is on top of the list of ten highest advance taxpayers among the public sector entities, for the current fiscal year. Reliance Industries is first amongst the private sector companies.

The State Bank of India has paid Rs. 6,552 crore as tax payments. Previous year the figure was Rs. 5,733 crore.

In other public sector biggies, LIC, Indian Oil and Bank of Baroda have managed to be a part of the top ten with second, fourth and seventh spot respectively.

In private entities, Mukesh Ambani's Reliance Industries has made a total payment of Rs. 3,075 crore for this year and remains on the top of the table.

LIC, on the other hand, has paid Rs. 3,253 crore for 2010 and stood just behind SBI.

All these companies paid reasonably higher amount of tax as compared to the same time period for the previous year.

While, this means that good days are back for India Inc., it also means that the government will have higher funds, which can then be used for investment purposes.