In India, individuals and businesses are liable to pay direct taxes based on their income. Several factors influence tax computation, including costs, tax type, deductions, income and exemptions. Irrespective of the income that an entity earns, he/she has to pay taxes as per the applicable tax rates. Does this mean that companies and individuals earning in crores need to pay crores in taxes?
Follow this article to get comprehensive knowledge about the highest taxpayers in India.
Top 10 Highest Taxpayers in India
When you think of taxpayers in India, the common names that come into mind are established businesses such as Reliance, ITC, Tata and many more. However, the list of top taxpayers goes beyond these renowned organisations.
Here’s a list of the top 10 highest tax-paying entities in India.
- Reliance Industries
Reliance Industries Limited (RIL) is a Fortune 500 company and India's largest private sector corporation. RIL paid the highest tax with a sum of Rs 20713 crore in taxes during the financial year 2022-23.
- State Bank of India
State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. SBI paid a total sum of Rs 17649 crore in taxes during the financial year 2022-23.
- HDFC Bank
The Housing Development Finance Corporation Limited or HDFC Ltd was among the first financial institutions in India to receive an “in principle” approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. The bank paid a total sum of Rs 15350 crore in taxes during the financial year 2022-23.
- Tata Consulting Services
Tata Consultancy Services (TCS) is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses for the past 50 years. TCS paid Rs.14604 crore of tax to the Indian Government.
- ICICI Bank
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. The bank paid Rs.11793 crore to the Indian Government as tax.
- ONGC
Oil and Natural Gas Corporation (ONGC) was founded on 14 August 1956 by the Government of India. It is the largest government-owned oil and gas explorer and producer in the country. ONGC paid a total sum of Rs 10273 crore in taxes during the financial year 2022-23.
- Tata Steel
Tata Steel was established in India as Asia's first integrated private steel company in 1907. The company was developed in India's first industrial city, Jamshedpur. Tata Steel paid a total sum of Rs 10160 crore in taxes during the financial year 2022-23.
- Coal India
Coal India Limited (CIL), the state-owned coal mining corporate came into being in November 1975. With a modest production of 79 Million Tonnes (MTs) at the year of its inception CIL today is the single largest coal producer in the world. Coal India paid a total sum of Rs 9876 crore in taxes during the financial year 2022-23.
- Infosys
Established in 1981, Infosys is a NYSE listed global consulting and IT services company with more than 336k employees. The company paid Rs.9214 crore to the Indian Government as tax.
- Axis Bank
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The bank paid Rs.7703 crore to the Indian Government as tax.
Who is the Highest Taxpayer in India in 2023?
As per the Income Tax Department of India, Mahendra Singh Dhoni has paid an impressive advance tax of Rs.38 crore for the financial year ending 31st March 2023. The ex-captain of India earns approximately Rs.130 crore per annum. He is also the highest individual taxpayer from Jharkhand since the fiscal year 2020-21.
It is to be noted that the official list of the highest taxpayers in India for FY 2023 hasn’t been released yet.
Who was the Highest Taxpayer in India in 2022?
Akshay Kumar was the highest taxpayer in India for 2022. According to the Income Tax department, he paid an income tax of Rs.29.5 crore, the highest among individuals in India last year. He has an estimated annual income of Rs.486 crore, earned from different sources, such as movies, production houses, sports teams and endorsem*nts.
Who was the Highest Taxpayer in India in 2021?
Akshay Kumar was awarded "Samman Patra '' for being the highest taxpayer in India for the last five years by Income Tax Department. He has been at the top of the list of individual taxpayers in India, even in 2021. As per several reports, Akshay Kumar pays approximately Rs.25.5 crore in taxes yearly.
Highest Taxpayer Company in India
The highest tax-paying company in India presently is Tata Consultancy Services or TCS. It is the largest company from Tata Group and the second biggest organisation in India. It offers various technical services, including software services, IT services, cyber security platforms, and many more. TCS paid Rs.11,536 crore in taxes in the last fiscal year, accounting for 6.8% of its total revenue.
Highest Taxpayer State in India
Maharashtra tops the chart of the highest tax-paying states in India. Since the Financial year 2019-20, the Income Tax Department of India has collected the highest tax from Maharashtra. The government collected Rs.5,24,498 crore in direct tax from Maharashtra in the previous fiscal year.
Final Word
Taxes implemented on a company or individual can be of different types based on their income and deductions. In India, TCS stands out as the highest corporate taxpayer, while Akshay Kumar and Mahendra Singh Dhoni have been the highest tax-paying individuals in India. Furthermore, Maharashtra claims the top spot for the highest tax-paying state in India.
Frequently Asked Questions
Who is the highest taxpayer in India?
Ans. In FY 2022, Akshay Kumar was the highest individual taxpayer, and TCS was the highest corporate taxpayer in India. The official list of the highest taxpayers in 2023 hasn’t been released yet.
Which profession is the highest taxpayer in India?
Ans. In India, the highest taxpayer is Akshay Kumar, an Actor and Film Producer. He belongs to the Media and Entertainment industry.
Who is the highest individual taxpayer in the world?
Ans.As per FY 2021 reports, Jeff Bezos was the highest individual taxpayer in the world by, paying over USD 2.4 billion in taxes. The latest reports are yet to be published officially.
