You might think that the richest industrialists in India are also the highest income tax payers in the country. But you would be wrong. The top spot belongs to none other than Bollywood superstar Akshay Kumar, who has been paying more income tax than Mukesh Ambani, Gautam Adani, Ratan Tata and other business tycoons.
The Income Tax Department has revealed that Akshay Kumar was the highest income tax payer in India for the financial year 2021-22. He declared his income as Rs.486 crore and paid Rs.29.5 crore as income tax. He also topped the list in the previous financial year, when he paid Rs.25.5 crore as income tax on his income of Rs.445 crore.
Akshay Kumar is one of the most successful and highest paid actors in Bollywood. He delivers around 4-5 movies a year, which are usually box office hits. He also owns his own production house and sports team, and endorses various brands. He has a huge fan following and a reputation for being a patriotic and philanthropic star.
But how come Akshay Kumar pays more income tax than the industrialists who have much higher net worths? The answer lies in the way they structure their assets and incomes. Entrepreneurs tend to keep their personal assets low and own most of their wealth through their companies. They pay corporate income tax on their profits, which is lower than the personal income tax rate. Akshay Kumar, on the other hand, earns most of his income as an individual and pays personal income tax on it.
So, next time you wonder who is the highest income tax payer in India, remember that it is not an industrialist, but an actor who has been ruling the silver screen for decades.
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