Taparias to Salman Khan: Here’s the list of India’s highest individual tax payers

Salman Khan’s Bajrangi Bhaijaan was this year’s biggest Bollywood hit earning over Rs 600 crore worldwide.

Written by Khushboo Narayan | Mumbai | Updated: January 28, 2016 10:18 am

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Bollywood actors, stock traders and top lawyers continue to dominate the list of  highest individual tax payers in the country, according to tax data accessed by The Indian Express.

The top four individual tax payers in Mumbai are the Taparias of Famy Care Ltd — a Mumbai-based contraceptive manufacturer. The Taparias have collectively paid Rs 211 crore in advance tax to the government. Ashutosh Taparia, joint managing director of Famy Care, has paid Rs 75 crore as advance tax while the managing director of the company, Sanjeev Kumar Taparia, paid Rs 63 crore. Two other members of the Taparia family, Aruna Devi Taparia and Anjali Ashutosh Taparia have paid Rs 37 crore and Rs 36 crore, respectively as advance tax this fiscal (2015-16).

Advance tax is paid by individuals if the total tax liability on their estimated income is likely to exceed Rs 10,000 during the financial year. This tax liability is calculated after considering tax deducted at source (TDS).

Last year in November, Mylan Laboratories, an arm of the US-based drugmaker, Mylan NV acquired the women’s healthcare business of Famy Care for $800 million.

Apart from the Taparia family, actor Salman Khan who was recently acquitted in the 2002 hit-and-run case by the Bombay High Court has topped the list of Bollywood actors, who have paid hefty advance tax this fiscal. Salman Khan has paid Rs 20 crore so far, followed by Akshay Kumar who shelled out Rs 16 crore.

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Salman Khan’s Bajrangi Bhaijaan was this year’s biggest Bollywood hit earning over Rs 600 crore worldwide. His other film — Prem Ratan Dhan Payo — also clocked revenues of over Rs 200 crore. Ranbir Kapoor, whose recent film —Bombay Velvet — bombed at the box office has paid Rs 15 crore as advance tax while Shah Rukh Khan paid Rs 14 crore. According to the income tax data, Amitabh Bachchan paid Rs 8.75 crore.

According to the norms laid down by the Income-Tax Act, non-corporate assessees are required to pay 30 per cent of their total advance tax in the second quarter, followed by 30 per cent and 40 per cent in the next two quarters, respectively, on their projected earnings. By the end of December quarter, non-corporate taxpayers would have paid 60 per cent of advance tax.

Among lawyers, noted jurist and senior counsel, Fali S Nariman has paid Rs 3.8 crore advance tax to the government. Prominent Mumbai-based lawyer Janak Dwarkadas too features in the list of top 15 individual advance tax payers. He has paid Rs 9.9 crore so far.

While the government has seen marginal increase of 4 per cent in securities transaction tax (STT) in the first ten months of this fiscal, some high net-worth investors have still reaped profits in the stock markets.

Nemish Shantilal Shah a well known high net-worth individual (HNI) investor in the Indian equity markets has paid Rs 23 crore in advance tax till December 15. Another investor Vivek Mehrotra has paid Rs 30 crore to the income tax department.

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  1. S
    suresh ganpat
    May 6, 2017 at 12:16 am
    Where is Ambani or Adani group in the list? They are supposed to be top among the richest Indians. Then by what logic they are not among the highest tax payers in the country.
    Reply
    1. J
      JAG
      Jan 28, 2016 at 6:42 am
      Where are the super rich?
      Reply
      1. B
        babu
        Jan 28, 2016 at 8:27 am
        What about modee's employer adani ambani birla bajaj are they become poor after loak sabha election
        Reply
        1. K
          Kautilya
          Jan 28, 2016 at 8:06 am
          Aamir Khan does not figure in the list. Have they published the list of top tax defaulters yet?
          Reply
          1. K
            kavi
            Jan 28, 2016 at 1:08 pm
            srk was supposed to be the highest earning bollywood star no? Then how come he ranks so low in taxpayers? Salman despite his huge charity donations is many places ahead of him. How? Does srk evade tax?
            Reply
            1. R
              Rudolph Furtado
              Jan 28, 2016 at 3:46 am
              The taxes paid by these individuals are "Bollywood dreams" of the average Indian. "Capitalism" at its best and this is how India should be. Just for being rich and earning fabulous amounts of money should not be a crime provided the money is earned legally.
              Reply
              1. R
                Rakesh Katyal
                Jan 28, 2016 at 8:09 am
                Zero tax by Zero Loss Sibal ??
                Reply
                1. S
                  Subramanian Venkatraman
                  Jan 28, 2016 at 4:39 am
                  Bollywood seems to be topping in cheating tax also!
                  Reply
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