Leading Tax Contributors in India: Top Companies and Individuals for Fiscal Year 2024
This article explores India's highest tax contributors for recent fiscal years, detailing top companies and individuals. It highlights key corporate taxpayers like Reliance Industries and Tata Consultancy Services, alongside leading individual taxpayers such as Amitabh Bachchan and Shah Rukh Khan. The content also identifies Maharashtra as the state with the highest tax collections, providing a comprehensive overview of tax contributions across the nation.
In India, both individuals and businesses are required to pay direct taxes, with the amount determined by their income. Various elements, such as costs, specific tax categories, eligible deductions, total income, and exemptions, all play a role in calculating tax liabilities. Regardless of an entity's earnings, taxes must be paid according to the prevailing rates. This article offers an in-depth exploration of India's leading taxpayers, covering both prominent corporations like Reliance, ITC, and Tata, and notable individuals.
Highest Tax Payer In India For FY 2024-25
As the financial year 2024-25 concludes, reports indicate that Bollywood icon Amitabh Bachchan emerged as India's top individual taxpayer. His reported tax obligation for FY 2024-25 (AY 2025-26) reached Rs. 120 Crores, a significant rise from Rs. 71 Crores in the previous year. It is stated that Mr. Bachchan's income from various sources totaled Rs. 350 Crores, and his final advance tax payment was Rs. 52.5 Crores. He surpassed Shah Rukh Khan, who held the top spot in FY 2023-24 with Rs. 92 Crores in tax payments.
Which Company Paid The Highest Tax In FY24?
According to various reports, the companies listed below were the largest corporate tax contributors for the fiscal year 2023-24:
| Rank | Company | Corporate Tax (INR, Cr) |
|---|---|---|
| 1 | Reliance Industries | 25,707 |
| 2 | Tata Consultancy Services | 15,898 |
| 3 | Vedanta | 12,826 |
| 4 | HDFC Bank | 11,122 |
| 5 | Infosys | 9,740 |
| 6 | ITC | 6,389 |
| 7 | Kotak Mahindra Bank | 5,887 |
| 8 | HCL Technologies | 5,257 |
| 9 | Larsen & Toubro | 4,947 |
| 10 | Bajaj Finance | 4,858 |
Who was the Highest Individual Taxpayer in India in 2024?
Recent information from the Indian Income Tax Department indicates that Shah Rukh Khan was the top individual taxpayer for the financial year 2024, remitting a considerable Rs. 92 crore in taxes. The following table displays the ten highest tax-paying celebrities for FY 2023-24:
| Rank | Name | Total Tax Paid (INR Crore) |
|---|---|---|
| 1 | Shah Rukh Khan | ₹92 crore |
| 2 | Thalapathy Vijay | ₹80 crore |
| 3 | Salman Khan | ₹75 crore |
| 4 | Amitabh Bachchan | ₹71 crore |
| 5 | Virat Kohli | ₹66 crore |
| 6 | Ajay Devgn | ₹42 crore |
| 7 | MS Dhoni | ₹38 crore |
| 8 | Ranbir Kapoor | ₹36 crore |
| 9 | Sachin Tendulkar | ₹28 crore |
| 10 | Hrithik Roshan | ₹28 crore |
Which Company Paid The Highest Tax In FY23?
Below is a compilation of the ten largest tax-paying organizations in India for the fiscal year 2022-23.
- Reliance Industries Reliance Industries Limited (RIL), a Fortune 500 entity and India's leading private sector conglomerate, remitted the highest tax amount of Rs. 20,713 crore during FY 2022-23.
- State Bank of India State Bank of India (SBI), a Fortune 500 company and a prominent Indian Public Sector Banking and Financial Services statutory body based in Mumbai, contributed a total of Rs. 17,649 crore in taxes for FY 2022-23.
- HDFC Bank HDFC Ltd, one of India's initial financial institutions to receive preliminary approval from the Reserve Bank of India (RBI) for establishing a private sector bank, paid Rs. 15,350 crore in taxes during FY 2022-23.
- Tata Consulting Services Tata Consultancy Services (TCS), an IT services, consulting, and business solutions provider that has partnered with global corporations for five decades, paid Rs. 14,604 crore in taxes to the Indian government.
- ICICI Bank ICICI Bank, initially established in 1994 as a wholly-owned subsidiary of the Indian financial institution ICICI Limited, paid Rs. 11,793 crore in taxes to the Indian Government.
- ONGC Oil and Natural Gas Corporation (ONGC), founded by the Government of India on August 14, 1956, stands as the nation's largest government-owned oil and gas exploration and production company. It paid a total of Rs. 10,273 crore in taxes during FY 2022-23.
- Tata Steel Tata Steel, Asia's first integrated private steel company, was founded in India in 1907 within Jamshedpur, the country's first industrial city. The company's tax contribution for FY 2022-23 amounted to Rs. 10,160 crore.
- Coal India Coal India Limited (CIL), a state-owned coal mining corporation established in November 1975 with an initial production of 79 million tonnes (MTs), has grown to become the world's largest single coal producer today. CIL paid Rs. 9,876 crore in taxes during FY 2022-23.
- Infosys Infosys, a NYSE-listed global consulting and IT services firm founded in 1981 with over 336,000 employees, paid Rs. 9,214 crore in taxes to the Indian Government.
- Axis Bank Axis Bank, India's third-largest private sector bank, offers a comprehensive range of financial services to diverse customer segments, including large and mid-corporates, MSMEs, agriculture, and retail businesses. The bank paid Rs. 7,703 crore in taxes to the Indian Government.
Who was the Highest Individual Taxpayer in India in 2023?
According to the Indian Income Tax Department, Mahendra Singh Dhoni remitted a substantial advance tax payment of Rs. 38 crore for the financial year concluding on March 31, 2023. The former Indian captain reportedly earns around Rs. 130 crore annually and has maintained his position as Jharkhand's top individual taxpayer since fiscal year 2020-21.
Who was the Highest Individual Taxpayer in India in 2022?
For the year 2022, Akshay Kumar was recognized as India's highest individual taxpayer, with the Income Tax Department reporting his income tax payment at Rs. 29.5 crore. His estimated annual earnings of Rs. 486 crore are derived from various avenues, including films, production ventures, sports team investments, and endorsements.
Who was the Highest Individual Taxpayer in India in 2021?
Akshay Kumar received the "Samman Patra" recognition from the Income Tax Department for consistently being India's highest taxpayer over the past five years. He maintained his leading position among individual taxpayers in India even in 2021, with various reports indicating his annual tax payment to be approximately Rs. 25.5 crore.
Highest Taxpayer Company in India
Currently, Tata Consultancy Services (TCS) holds the distinction of being India's largest corporate taxpayer. As the biggest company within the Tata Group and the nation's second-largest organization, TCS provides a wide array of technical services, such as software development, IT services, and cybersecurity platforms. In the most recent fiscal year, TCS paid Rs. 11,536 crore in taxes, which represented 6.8% of its total revenue.
Highest Taxpayer State in India
Maharashtra leads among Indian states in terms of tax contributions. The Income Tax Department of India has consistently recorded the highest direct tax collections from Maharashtra since the financial year 2019-20. In the preceding fiscal year, the state contributed Rs. 5,24,498 crore in direct taxes. Uttar Pradesh and Gujarat followed in subsequent positions.
Final Word
Tax obligations for both companies and individuals vary depending on their income levels and applicable deductions. In India, Tata Consultancy Services (TCS) is notable as the top corporate tax contributor. Among individuals, Akshay Kumar and Mahendra Singh Dhoni have historically been recognized as major taxpayers. Additionally, Maharashtra consistently ranks as the leading state for tax collection in the country.