Top 10 Highest Taxpayers in India (FY 2024- 25)

Taxation on income from profits and gains from business and profession, income from salaries, income from capital gains , income from house property, and income from other sources are the primary heads under which taxpayers pay taxes to the government of India. While regulatory compliance is a complex subject due to its nature, the income tax department has undertaken several initiatives for making the process of filing taxes a seamless process.Let us know more about the top tax payers in Indiafor FY 2022-23. For the sake of brevity, we will restrict the list to 10 entities.

• Reliance Industries Limited Reliance Industries Limited (RIL) is a multinational conglomerate headquartered in Mumbai and is among the handful of corporate giants in India to be in the Fortune Global 500 list of corporations. It has emerged as the highest tax payer in India with the amount of taxes totalling to ₹20,376 crore in FY 2022-23. This represents an increase of 27% from the previous financial year. Founded by the Late Dhirubhai Ambani, RIL is currently led by Mukesh Ambani who serves as its Chairman and Managing Director. RIL has business interests in a diverse range of sectors - petrochemicals, petroleum, natural gas, chemicals, oil refining, organised retail, financial services, telecommunications, media, and entertainment. It has several business segments such as Retail, Digital Services, Media and Entertainment, Oil to Chemicals, Oil and Gas E&P, and New Energy to cater to clients. RIL’s revenue in FY 2022-23 was ₹9,74,864 crore of which more than 60% was contributed by the Oil to Chemicals business segment.
• State Bank of India (SBI) State Bank of India is a Public Sector Undertaking (PSU) and a multinational banking and financial services behemoth that is again headquartered at Mumbai. It is the only Indian bank that is on the prestigious Fortune Global 500 list of companies. For FY 2022-23, it has earned its place among the top 10 highest tax payer in India by paying a massive tax of ₹16,973 crore to the government of India. SBI has reported a whopping revenue of ₹ 3,50,845 crore in FY 2022-23. Dinesh Kumar Khara is the current Chairman of SBI. SBI has a long history of banking in India and it directly descended from the Imperial Bank of India established in 1921, which itself was formed by the amalgamation of three Presidency Banks - Bank of Calcutta, Bank of Bombay, and Bank of Madras. Along with ICICI Bank and HDFC Bank, SBI completes the triumvirate that has been classified by the Reserve Bank of India as “Domestic Systemically Important Banks” (D-SIBs), also referred to as banks that are “too big to fail.”
• HDFC Bank Limited In India, HDFC Bank is the largest private sector bank measured by assets. Headquartered at Mumbai, the commercial capital of India, HDFC Bank began its journey in 1994 after receiving an RBI approval as part of its liberalisation initiative of the country’s banking sector. It was one of the top income tax payers in India with tax remittance amounting to ₹15,350 crore in FY 2022-23. HDFC Bank is known for its huge retail presence across India. It is the only private sector bank in India to have a presence in Lakshadweep at Kavaratti island. In 2022, HDFC Ltd. merged with HDFC Bank which was India’s largest ever M&A deal. HDFC Bank caters to a wide range of clientele through the following segments - Retail Banking, Commercial and Rural Banking, and Corporate and other Wholesale Banking. Under the leadership of Sashidhar Jagdishan, the current Managing Director and Chief Executive Officer, HDFC Bank has reported a revenue of ₹1,18,057 crore in FY 2022-23.
• Tata Consultancy Services (TCS) Tata Consultancy Services, having its centre of operations in Mumbai, is a multinational Information Technology services and Consulting giant. It has been among the top tax paying companies in india by contributing ₹14,604 crore to the income tax department in FY 2022-23. TCS has a global footprint covering North America, Latin America, the United Kingdom, Continental Europe, Asia Pacific, India, and Middle-East Africa. Under the leadership of K Krithivasan as the Chief Executive Officer and Managing Director, TCS has reported a revenue of ₹2,25,458 crore for FY 2022-23. Its primary business verticals include Banking, Financial Services and Insurance (BFSI), Communication, Media and Technology (CMT), Consumer Business, Life Sciences and Healthcare, Manufacturing, and Others (Energy, Resources and Utilities, Public Services, and Products). TCS has bagged several Indian government projects - AADHAR , designing the ERP for IRCTC, Passport services under the Ministry of External Affairs, the Government e-Marketplace (GeM) public procurement platform, etc.
• ICICI Bank Originally formed as the Industrial Credit and Investment Corporation of India in the year 1955 for providing project financing to the Indian industry, ICICI Bank has come a long way and is now one of India’s premier private sector multinational banks having its presence in diverse geographies. It is one of the highest tax paying company in india with income taxes in FY 2022-23 totalling to ₹11,793 crore. ICICI Bank serves its customers through several areas of business - Retail, Rural and Inclusive Banking, Small and Medium Enterprises and Business Banking, Wholesale Banking, International Business, and Government Banking. Internationally, ICICI Bank is present in several countries such as the United States, Canada, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China, South Africa, United Arab Emirates, Bangladesh, Malaysia, Indonesia, the UK, Belgium, and Germany. Its revenue in FY 2022-23 was ₹1,86,179 crore. Though having its corporate headquarters at Mumbai, ICICI Bank has a registered office at Vadodara in Gujarat. Sandeep Bakhshi serves as the current Managing Director and Chief Executive Officer of ICICI Bank.
• Oil and Natural Gas Corporation (ONGC) Oil and Natural Gas Corporation (ONGC) is a central Public Sector Undertaking by the government of India under the stewardship of the Ministry of Petroleum and Natural Gas. ONGC has made it to the list of the highest tax paying company in india by depositing ₹10,273 crore in FY 2022-23 to the government of India. ONGC is involved in exploration, production, refining, and progressive development of alternative energy sources and, therefore, is present across the upstream and downstream value chains within the natural gas and petroleum industry. Dealing in products such as petroleum, natural gas, LNG, lubricants, petrochemicals, and electricity. ONGC has been granted the status of a Maharatna company by the government of India. Currently led by Arun Kumar Singh, the Chairman & Chief Executive Officer, ONGC features in the Fortune Global 500 list of companies. It has its main office at New Delhi. ONGC has operations across the globe in many different countries through its international arm ONGC Videsh Limited (OVL) in which ONGC holds 100% stake. ONGC has posted a revenue of ₹6,92,903 crore in FY 2022-23 of which more than 80% of the revenues have been generated from refining and marketing within India.
• Tata Steel Limited Tata steel is one of the world’s largest integrated steel manufacturers with business footprints in Europe, the UK, and Thailand. For FY 2022-23, the taxes paid by Tata Steel added up to ₹10,160 crore and, therefore, it emerged as one of the top income tax payers in india for FY 2022-23. It serves a large client base from several sectors such as automotive and ancillaries, construction and infrastructure, construction retail, consumer durables, and industrial and general engineering. Through its business operations, it generated a revenue of ₹2,43,353 crore in FY 2022-23. Established in 1907 by Jamsetji Tata and Sir Dorabji Tata, Tata steel has been an early proponent of employee welfare in the workplace by granting paid time offs, maternity benefits, free medical care for employees, school facilities for the children of employees, vocational training, retirement gratuity, accident compensation and profit sharing of bonuses along with mandating eight-hour workdays and formation of a provident fund. It has its base of operations at Mumbai. T.V. Narendran currently serves as the Chief Executive Officer and Managing Director of Tata Steel.
• Coal India Limited (CIL) The largest government-owned coal producer in the world, Coal India Limited is a Public Sector Undertaking of the government of India. It has been accorded the prestigious Maharatna status by the government of India. CIL became one of the top tax payers in india by paying a consolidated income tax of ₹9,876 crore to the government of India in FY 2022-23. Owned by the Ministry of Coal, CIL accounts for more than 80% of the total coal production in India. It was founded in 1975 and is headquartered at Kolkata. It also has an international presence through operations in Mozambique. As a parent company, CIL controls several entities such as Central Mine Planning and Design Institute (CMPDI), Western Coalfields Ltd. (WCL), Central Coalfields Ltd. (CCL), Eastern Coalfields Ltd. (ECL), Bharat Coking Coal Ltd. (BCCL), South Eastern Coalfields Ltd. (SECL), Northern Coalfields Ltd. (NCL), and Mahanadi Coalfields Ltd. (NCL). P. M. Prasad is the current Chairman & Managing Director of CIL. Having a diverse portfolio of underground mines, opencast mines, and mixed mines and a product mix of coking coal, semi-coking coal, non-coking coal, washed and beneficiated coal, middlings, and rejects, CIL has posted a revenue of ₹1,38,252 crore in FY 2022-23.
• Infosys Infosys is an Indian multinational company operating in the information technology sector. It paid ₹9,214 crore in taxes to the government of India and made it to the list of top tax payers in india. Present in more than 56 countries, Infosys primarily provides services in business consulting, information technology, and outsourcing. It is especially strong in North America that generated around 62% of the revenues of Infosys in FY 2022-23. Though Infosys was founded at Pune in 1981, it is currently based out of Bengaluru. It serves clients in multiple sectors through different business segments such as FS (Financial services and Insurance), Retail (Retail, Consumer Packaged Goods, and Logistics), COM (Communication, Telecom OEM, and Media), EURS (Energy, Utilities, Resources, and Services), MFG (Manufacturing), Hi-Tech, LS (Life Sciences and Healthcare), and Others (businesses in India, China, Japan and public services). FS and Retail business segments combined have contributed more than 40% of the revenue in FY 2022-23. Salil Parekh is the current CEO and Managing Director of Infosys. For FY 2022-23, the revenue reported by Infosys was ₹1,46,767 crore.
• Axis Bank Axis Bank had its beginnings as UTI Bank in 1993. Currently headquartered at Mumbai, it is India’s third largest private bank by assets. One of the top income tax payers in india, it deposited taxes amounting to ₹7,326 crore to the government of India in FY 2022-23. It was the first organisation in India to launch biometrics-based KYC in partnership with VISA Inc. Axis Bank, by virtue of acquiring Citibank India’s consumer banking business has gained access to an affluent retail client base. It serves its customers primarily through the business segments such as Retail Banking, Wholesale and Commercial Banking, and Treasury. Amitabh Chaudhry is the current CEO and Managing Director of Axis Bank. In FY 2022-23, Axis Bank reported a total revenue of ₹1,06,155 crore.As can be seen, the corporate sector is the highest tax paying segment in India. Of the total net tax collection of ₹10.64 lakh crore in FY 2022-23 by the Central Board of Direct Taxes, Department of Revenue, Ministry of FInance, the above taxpayers account for nearly 12% of the total net tax collection.

Also Read: E-Filing 2.0: New Income Tax E-filing Portal Explained

For FY 2022-23, Reliance Industries Ltd. was the highest tax paying company in india with tax payments to the government amounting to ₹20,376 crore. This figure accounts for nearly 2% of its revenue in FY 2022-23. A key player in the oil and petrochemicals sector, RIL has ventured into several business sectors such as organised retail, financial services, telecommunications, media, and entertainment.

Maharashtra, an economic powerhouse, places itself in the top of the chart representing the highest tax-paying states in India. It has been the undisputed leader since FY 2018-19 in net direct tax collection. In FY 2022-23, the net direct tax collection in Maharashtra stood at a staggering ₹6,14,144.65 lakh crore, contributing around 38% of the overall net direct tax collection. Delhi and Karnataka occupy the 2nd and the 3rd spots respectively. Also Read: A Guide to Tax Saving Under Section 10 (10D) of Income Tax

Former captain of the Indian cricket team, Mahendra Singh Dhoni paid a massive ₹38 crore advance tax as per the Income Tax Department in FY 2022-23. His approximate reported earnings add up to ₹130 crore per annum. The official list for FY 2022-23 has not yet been released by the Income Tax Department.Ready to make the most of your money? Start your tax planning journey now!