The number of crorepati income tax payers in India has increased fivefold in the last decade, reflecting higher incomes and better tax compliance. The share of salaried individuals among high-income earners has also increased.
New Delhi. The number of crorepati income taxpayers in the country has increased five times in the last ten years. While only 44,078 people declared their income as Rs 1 crore or more in the assessment year (AY) 2013-14, this number has increased to about 2.3 lakh in the assessment year 2023-24 (financial year 2022-23). This increase points to higher income and better tax compliance. According to the latest data of the Income Tax Department, the number of people filing personal income tax returns has also increased from 3.3 crores to 7.5 crores in the last ten years.
The share of salaried people among those declaring income of more than Rs 1 crore in AY2023-24 was 52%. In the assessment year 2022-23, this share was 49.2% and in the assessment year 2013-14 it was 51 percent. However, in the Rs 5 crore income bracket, the number of salaried people has gone down while the number of businessmen and professionals has gone up. For instance, none of the 23 people who declared income of more than Rs 500 crore were salaried people, while 19 of the 262 people in the Rs 100-500 crore income bracket were salaried people.
These figures are proof of rising income
In the assessment year 2013-14, only one person declared income of more than Rs 500 crore, while there were two people in the Rs 100-500 crore income bracket. However, compared to the previous assessment year, the number of individuals with income of more than Rs 25 crore has come down from 1,812 to 1,798. This trend was also seen in the salaried class, where the number of salaried persons with income of more than Rs 10 crore has come down from 1,656 to 1,577.
Another indication of the rise in income levels is that the income group of Rs 4.5 lakh to Rs 9.5 lakh filed 52% of income tax returns in AY2023-24, while 54.6% returns were filed from the Rs 1.5-3.5 lakh income group in AY2013-14. In addition, the Rs 5.5-9.5 lakh income group now accounts for 23% of the total gross income, up from 18% in AY2013-14. At the same time, the Rs 10-15 lakh income group is the second largest contributor with a 12% share, while the Rs 25-50 lakh income group accounts for 10%.
