Reliance Industries is consistently India's highest corporate taxpayer, while for individuals, reports for FY 2024-25 point to actor Amitabh Bachchan, who paid around ₹120 crore in taxes, surpassing previous top individual taxpayers like Shah Rukh Khan and Thalapathy Vijay. The highest tax-paying state is Maharashtra, with Reliance Industries and major banks like SBI and HDFC leading corporate contributions.
Who was the Highest Individual Taxpayer in India in 2023? In FY23, Mukesh Ambani retained his position as the highest individual taxpayer, contributing Rs. 2,400 crore.
Reliance Industries
RIL paid the highest tax with a sum of Rs. 20,713 crore in taxes during the financial year 2022-23.
Maximum marginal rate is the highest rate of tax at any income level. This means for those with incomes between Rs 2 crore and Rs 5 crore, 39% will be the highest applicable tax rate, and for those with incomes above Rs 5 crore, it will be 42.74% — the highest tax rate since 1992.
The median income among Indian American households was $145,000 in 2022. This is 45% higher than the median household income among Asian Americans overall ($100,000). Despite making up only 1.5% of the U.S. population, Indian Americans are estimated to pay about 5-6% of the country's income tax ($250-300 billion).
According to government reports, while over 7 crore people file tax returns, only a fraction of them actually pay taxes because many fall below the taxable income threshold or use deductions to reduce liability.
In her 2025 Budget speech, Finance Minister Nirmala Sitharaman shared big news. Under the new regime, if you earn up to Rs 12 lakh, you will not have to pay any income tax. Salaried taxpayers get an extra benefit too. The standard deduction, which was Rs 50,000 before, has now gone up to Rs 75,000 for the new regime.
Other countries collect 10 to 60 per cent of the tax. India collects 42.74, Canada 33, US 37, Finland 56.95, France 45, UK 45, Germany 45, Hong Kong 15, China 45, Singapore 22, Japan 55.97, Australia 45, and Singapore 22 per cent of tax charges.
1. Who is the highest taxpayer in India in FY 2023–24? Reliance Industries is the highest tax-paying company, and Akshay Kumar tops among individual celebrities.
Adani — India's 2nd richest man figures no where among top 10 Tax Paying Companies or Individuals.
In India, the tax system is designed not only to generate revenue but also to foster economic stability, promote equity, and drive national progress. In last 10-15 years, Indian taxation system has undergone tremendous reforms.
Citizens in Denmark pay the most taxes overall, thanks to a top marginal income tax rate of around 55% and an overall tax burden (taxes as a percentage of GDP) of over 45%, one of the highest globally. However, the Nordic nation regularly tops polls as one of the best places to live in the world!
I pay over $10 billion in tax." — Elon Musk says.
In India, the 30% income tax rate generally applies to individuals earning above ₹24 Lakhs (under the old regime/default for some) or ₹15 Lakhs (under the new optional regime for FY 2025-26) and to firms (as a flat rate), while certain income types like lottery winnings, online gaming, and virtual digital assets (like crypto) are taxed at a flat 30% for everyone, regardless of total income.
According to the latest data from the CBDT, Mumbai alone contributes to over 33% of India's total Income Tax collection! That is one-third of the entire country's contribution coming from just one city.
The United States is the world's preeminent tax haven. Tax havens are defined as allowing secrecy and having low or zero tax rates; for nonresident aliens, the United States offers both.
Examples of income that are not taxable in India include agricultural income, gifts and inheritances, interest on EPF and PPF, scholarships and awards, life insurance proceeds, leave encashment, gratuity, Long-Term Capital Gains (LTCG), and interest on tax-free bonds.
The White House estimates that America's more than 700 billionaires typically pay just 8 percent in taxes on their realized and unrealized income.
Agricultural Income [Section 10(1)]
As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act.
“At a salary of one crore, the average tax rate is 29.26% in the New Regime, compared to 32% in the Old Regime. As the salary increases, the average tax rate in both regimes also increases, reaching 38.42% in the New Regime and 42.46% in the Old Regime for ₹10 crore income,” the CEO of Tax2win added.
2.5 Lakhs and 5 Lakhs are subject to 5 per cent tax; those earning between 5 Lakhs and 10 lakhs rupees, 20 percent tax; and those above 10 lakhs, a 30 percent rate. Further you are not required to any Income-tax if your total income doesn't exceed Rs. 5,00,000.