Actor Salman Khan is at the second spot while India's cricket captain Mahendra Singh Dhoni is third in the list.
By Forbes India's estimates, Shah Rukh Khan earned Rs 202.8 crore in the period between October 2011 and September 2012. Salman's earnings are estimated at Rs 144.2 crore while Dhoni's at Rs 135.16 crore in the period.
"Both Salman Khan and Dhoni are ahead of SRK in terms of popularity and fame, but King Khan came out at top courtesy his earning power, mainly riding on massive income from brand endorsements," the magazine said.
Among the top 10 in the list are Akshay Kumar, Amitabh Bachchan, Sachin Tendulkar, Kareena Kapoor, Virender Sehwag, Virat Kohli and Katrina Kaif.
A majority of celebrities who made it to the list, a ranking of country's biggest entertainers based on their income and popularity, fall in the age bracket of 30 to 50.
As many as 12 youngsters, including shuttler Saina Nehwal, cricketer Virat Kohli, bollywood star Anuskha Sharma and tennis star Sania Mirza have made into the top 50.
Saina Nehwal, 23, is the youngest celebrity in the list.
The list has taken into account factors such as celebrities' income (from the business of entertainment) and fame (as measured by media mentions, online presence and social media followers) in time period between October 1, 2011 and September 30, 2012.
The list is an attempt to rank the most powerful and the most popular of the players who are at the centre of this sector.
The list ranks celebrities across eight categories - film actors, directors, sport stars, TV personalities, singers/musicians, authors, models and comedians.
