Business tycoons don’t have personal assets; their wealth is in their companies. So, the income and taxes are counted for the companies they own.

Mukesh Ambani, India’s richest person, owns Reliance Industries. Reliance Industries is the biggest group in India with a market cap of ₹19.68 lakh crore. In the financial year 2023, Reliance Industries paid over ₹20,713 crore in taxes. This means Mukesh Ambani pays the most tax in India.

State Bank of India (SBI) and HDFC Bank are in second and third places. Last year, SBI paid ₹17,649 crore in income tax, while HDFC Bank paid ₹15,350 crore.

Tata Group’s IT company TCS paid ₹14,604 crore in taxes for the financial year 2023. TCS is currently the second-largest listed company. The chairman of Tata Group is Ratan Tata.

ICICI Bank, India’s fourth-largest company, paid ₹11,793 crore in taxes for the financial year 2023. Infosys, another IT company, paid ₹9,214 crore in taxes last year. Infosys operates in over 56 countries worldwide.

Interestingly, Gautam Adani, chairman of the Adani Group, is not among India’s top 10 taxpayers. In India, corporate taxes are based on profit, not market capitalization. The Adani Group has a large market capitalization but doesn’t make as much profit as Mukesh Ambani’s or Tata’s companies.