Number of income tax payers with over ₹1 crore of taxable income rises five times in ten years

The number of taxpayers with over ₹1 crore of taxable income rose by over five times to 2.3 lakh in the assessment year 2023-24, compared to 44,078 in 2013-14

Published on: Oct 23, 2024, 16:48:50 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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The number of taxpayers with more than ₹1 crore of taxable income rose by more than five times to just under 2.3 lakh in the assessment year 2023-24 (Financial year 2022-23), compared to 44,078 in AY2013-14 (FY2012-13), according to a Times of India report.

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The number of salaried individuals with more than ₹1 crore income amounted to nearly 52% in AY2022-23. This was 49.2% in the year before and 51% in AY2013-14.

Though the number of salaried individuals earning ₹1-5 crore was as much as 53% totally, the incomes higher than this represented fewer salaried people, which points to more businesspersons and professionals, according to the report.

23 individuals declared taxable income over ₹500 crore annually and none of them were salaried individuals. This is a huge jump from AY2013-14 where only one individual declared an income in this bracket.

Meanwhile, only 19 out of the 262 individuals in the ₹100-500 crore bracket were salaried. In AY2013-14, there were only two in this bracket.

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An income bracket where AY2023-24 fell behind the previous was the income of over ₹25 crore. It fell from 1,812 to 1,798.

Similarly for salaried individuals, the number of individuals declined from 1,656 to 1,577 in the over ₹10 crore segment, according to the report.

One in every four returns was filed in the ₹5.5-9.5 lakh segment, compared to one in every five coming from the ₹2.5-3.5 lakh bracket, according to the report.

The ₹5.5-9.5 lakh group strengthened its dominance, accounting for more than 23% share, compared to 18% in AY2013-14.

The ₹10-15 lakh group was the second-largest contributor with a share of more than 12%. This was followed by by 10% in the ₹25-50 lakh range according to the report.

When it comes to the total number of tax returns filed itself, it rose more than 2.2 times from 3.3 crore to over 7.5 crore.

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HT News Desk
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