True only for the top senior advocates like Arvind Datar, S Ganesh, Porus Kaka, Percy Pardiwala, M.S. Syali, etc. Not more than 10-15 such advocates in the country.
In that range (40cr +), one can add JD Mistry (in addition to APD, SG, PK, PJP, MSS mentioned in an earlier comment). Maybe Ajay Vohra. Another 5-6 ones in indirect tax.
In the 2-10cr range, you will find another 10-15 seniors. Non-designated counsel in (mid-30s to mid-40s age bracket) doing really well can be in the 1-5cr range. These again will be no more than 15-20 individuals.
All in all, I doubt more than 50 senior / non-senior but specialist counsel in the country specialising in tax make more than 1 cr annually. Those who do - sky is the limit. But very niche and tough field to break into.
(And there may be some top law firm partners specialising in tax who are in the 5-25 cr bracket too)
In the 2-10cr range, you will find another 10-15 seniors. Non-designated counsel in (mid-30s to mid-40s age bracket) doing really well can be in the 1-5cr range. These again will be no more than 15-20 individuals.
All in all, I doubt more than 50 senior / non-senior but specialist counsel in the country specialising in tax make more than 1 cr annually. Those who do - sky is the limit. But very niche and tough field to break into.
(And there may be some top law firm partners specialising in tax who are in the 5-25 cr bracket too)