At Rs 84 crore, MP sets pace with advance tax payment
October, 12th 2010
Though the persistent belligerence of Congress MP Jagan Mohan Reddy has often embarrassed the Congress high command since his father and former Andhra Pradesh chief minister Y S R Reddy's death last year, not much is known about his personal wealth.
His individual advance tax collection showcases more than what meets the eye. In the first six months of the current financial year, he has already paid Rs 84 crore as advance tax, anticipating his annual income to be in the vicinity of Rs 500 crore or much more.
His earnings can put to shame corporate biggies like the Tatas, Birlas or Ambanis.
It is a significant jump, considering Jagan Mohan had paid a paltry Rs 2.92 lakh tax for the financial year 2008-09, and Rs 6.72 crore for 2009-10. His growth in the half-yearly tax outgo has been more than 1,100% as compared to what he had paid for the same period in 2009. Individuals pay advance income tax twice a year.
The names of mining czars figure prominently among other significant contributors to the exchequer. Karnataka tourism minister Janardan Reddy's wife Gali Lakshmi Aruna, Kamaljeet Singh Ahluwalia, who has varied interests in Rourkela and Barbil belt in Orissa, and Ramamurthy Praveen Chandra are among the top taxpayers. They have all contributed between Rs 7 crore and Rs 20 crore individually till September.
Telecom official-turned-entrepreneur Asim Ghosh, who has paid Rs 20.78 crore, is close Ramamurthy (Rs 20 crore) during the same period. Thoughh Ahluwalia has also paid Rs 20 crore, his tax outgo for the six months shows a growth of 67% as compared to Ramamurthy (100%) and Ghosh(518%), who had paid Rs 3.36 for the same period last year. His annual contribution in 2009-10 was Rs 74 crore.
Others with mining interests have made hefty contributions as well. Indrani Patnaik has paid Rs 15 crore till September. Prashant Ahluwalia, brother of Kamaljeet, has paid Rs 10 crore; Radha Satish Timblo (Rs 9 crore); Anand Kumar (Rs 7.5 crore) and Kumarmanglam Birla (Rs 5.8 crore).