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Meet India's highest individual taxpayers
With the Indian government collecting close to Rs 900 crore (Rs 9 billion) as advance tax in the fiscal year 2009-10, the total advance tax collections of the nation grew by almost 65 per cent over the previous year.
Based on the advance tax collections for the four quarters of 2009-10, The Economic Times listed some of India's highest individual taxpayers. The financial daily said that the final amount of tax payable by these persons would be close to the advance tax paid by them.
The daily said that the list does not name the nation's richest industrialists -- like the Ambani brothers, Azim Premji, etc -- as 'a large portion of their annual incomes comes from dividends, which are not taxed in the hands of individual taxpayers. Companies, which give dividend, pay a dividend distribution tax.'
So who are India's highest individual taxpayers? Check them out. . .
1. Analjit Singh
Analjit Singh, the founder and chairman of Max India, a diversified business group with interests in healthcare, IT services, and financial services, is India's highest individual taxpayer, ET reported on Thursday.
He paid advance tax of Rs 99.7 crore (Rs 997 million). He paid a tax of Rs 13.3 crore (Rs 133 million) in the previous fiscal 2008-09.
The Max India chairman made a killing by selling 3.71% of his stake in Vodafone Essar for Rs 533 crore (Rs 5.33 billion). His tax outgo alos shot up because of the heavy capital gains tax he would have paid on the profit he made by selling his pie in Vodafone Essar.
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Meet India's highest individual taxpayers
Asim Ghosh: Advance tax -- Rs 75.4 crore
Asim Ghosh, the former CEO of Vodafone Essar, is the second-highest taxpayer in India in 2009-10. He paid an advance tax of Rs 75.4 crore (Rs 754 million) this year, as compared to Rs 7.2 crore (Rs 72 million) in 2008-09.
Like Analijit Singh, Asim Ghosh too made a big pofit when he sold 2.29% of his stake in Vodafone Essar for Rs 329 crore (Rs 3.29 billion) in 2009.
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Meet India's highest individual taxpayers
Indrani Patnaik: Advance tax -- Rs 75 crore
Indrani Patnaik who paid advance tax of Rs 75 crore (Rs 750 million) is the nation's third highest taxpayer. She had paid income tax of Rs 40 crore (Rs 400 million) in 2008-09.
Indrani Patnaik is the wife of former Congress minister Niranjan Patnaik's elder brother Dipti Ranjan Patnaik.
Indrani Patnaik Mines was in the news a few years ago over cases of illegal mining that were filed against it and led to a huge uproar in the Orissa State Assembly.
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Meet India's highest individual taxpayers
Ashish Dhawan: Advance tax -- Rs 55 crore
Ashish Dhawan, the senior managing director and co-founder of ChrysCapital Investment Advisors, is next highest individual taxpayer in India.
Dhawan paid advance tax of Rs 55 crore (Rs 550 million) in 2009-10, as compared to Rs 20.1 crore (Rs 201 million) in the year before that.
A Harvard Business School graduate, Dhawan was formerly at GP Investments, a Brazil-based private equity fund.
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Meet India's highest individual taxpayers
K S Ahluwalia: Advance tax -- Rs 46 crore; Mahesh Goradia: Advance tax -- Rs 39.3 crore; Gariiappa Raju: Advance tax -- Rs 30.5 crore; Radha Timblo: Advance tax -- Rs 20 crore
Kamaljeet Singh Ahluwalia, who has huge interests in mining in the state of Orissa, is the fifth highest taxpayer in India, says ET. In 2009-10, Ahluwalia paid advance tax to the tune of Rs 46 crore (Rs 460 million). In the year before that, he paid income tax of Rs 60 crore (Rs 600 million).
Mumbai-based industrialist Mahesh G. Garodia, whose business interests include chemicals, dyes and construction, paid advance tax of Rs 39.3 crore (Rs 393 million) in 2009-10, as compared to Rs 30 lakh (Rs 3 million) that he paid in the previous year.
Businessman Gariiappa Raja paid advance tax of Rs 30.5 crore (Rs 305 million) in 2009-10. In the year before that, he paid a tax of Rs 29 crore (Rs 290 million)
Goa-based miner Radha S Timblo paid advance tax of Rs 30.8 crore (Rs 308 million) in 2009-10, while she had paid income tax to the tune of Rs 20 crore (Rs 200 million) in 2008-09.
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Meet India's highest individual taxpayers
Vikram Akula: Advance tax -- Rs 14.2 crore
Vikram Akula is the ninth highest individual tax payer in India. He paid advance tax of Rs 14.2 crore (Rs 142 million) in 2009-10 as compared to Rs 3.1 crore (Rs 31 million) in the previous year.
Akula is the founder of SKS Microfinance, one of the fastest growing microfinance organisations in the world. It provides microfinance to women in poor regions of India. SKS also offers interest-free loans for emergencies as well as life insurance to its members. Its NGO wing SKS foundation runs the Ultra Poor Programme.
Akula sold a part of his stake in the firm just before its initial public offer. He has also stepped down as the firm's CEO.
Previously a management consultant with McKinsey & Company, Vikram has over a decade of work and research experience in microfinance. He was a Fulbright Scholar in India, during which he coordinated an action-research project on providing micro-credit for food security. He has a Ph.D. from the University of Chicago.
He was named the Ernst and Young Entrepreneur of the Year 2006: Akula was born in Hyderabad and moved to the United States when he was three years old.