There are 2.16 lakh taxpayers in the country who are earning more than Rs 1 crore annually, the government informed in the Parliament.

There are 2.16 lakh taxpayers in the country who are earning more than Rs 1 crore annually, the government informed in the Parliament.

Taxpayers Data: A significant increase has been seen in the number of taxpayers earning more than Rs 1 crore annually in India. This number has reached 2.16 lakh in the assessment year 2023-24. Minister of State for Finance Pankaj Chaudhary has given this information in the Parliament. According to the Minister of State for Finance, a positive trend is being seen among high income earners with a significant increase since 2019 and this is clearly visible from the income tax return filing data. 

27.6 percent increase in individual income tax collection year-on-year

Individual income tax collection has registered an increase of 27.6 percent year-on-year and Finance Minister Nirmala Sitharaman has attributed this to tax reforms and the good pace of economic development of the country. Apart from this, information has been given in the Parliament that an increase has also been seen in 'Professional Income Reporting'."text-align: justify;">The number of taxpayers earning more than Rs 1 crore every year has increased. Minister of State for Finance Pankaj Chaudhary said during the budget session in Parliament that according to the latest data, this number has increased to more than 2.16 lakh by December 31, 2023 for the assessment year 2023-24.

Significant increase in the number of income tax return filers in the country

Minister of State for Finance Pankaj Chaudhary also said that on year-on-year basis, a significant increase is being seen in the number of people filing income tax returns in the country. Among these also, the number of taxpayers earning more than Rs 1 crore has increased at a faster pace. This figure stood at Rs 1.09 lakh crore in the assessment year 2019-20, whereas it has come down to Rs 1.87 lakh in the assessment year 2022-23. 

Know CBDT's ITR data for October 2023

According to the data of 26 October 2023, during the current financial year, 7.41 crore taxpayers have filed income tax returns for the assessment year 2023-24, out of which 53 lakh are taxpayers who have filed income tax returns for the first time. The Central Board of Direct Taxes has released data according to which the number of taxpayers filing income returns during the 2013-14 assessment year was 3.36 crore, which increased by 90 percent to 6.37 crore during the 2021-22 assessment year.

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