Number of Income Tax Payers with Over ₹1 Crore Taxable Income Rises Fivefold in Ten Years

The number of Indian taxpayers with over ₹1 crore in taxable income has grown more than fivefold over the past decade, reaching nearly 2.3 lakh in AY 2023-24, compared to 44,078 in AY 2013-14. This sharp rise highlights the country’s increasing number of high-income earners.

Key Insights:

Salaried Individuals:

In AY 2022-23, salaried taxpayers accounted for nearly 52% of those earning over ₹1 crore, a slight increase from 49.2% in the previous year.

The majority of earners in the ₹1-5 crore bracket (53%) are salaried, while the higher brackets see a rise in business owners and professionals.

Ultra-High Income:

23 individuals declared an income of over ₹500 crore in AY 2023-24, compared to just one person in AY 2013-14.

In the ₹100-500 crore category, 262 individuals were recorded, with only 19 of them being salaried.

Middle-Income Growth:

The ₹5.5-9.5 lakh income segment has become the largest group, comprising 23% of filed tax returns, up from 18% in AY 2013-14.

The ₹10-15 lakh bracket followed with over 12%, and the ₹25-50 lakh group contributed 10%.

Total Tax Returns:

Tax filings have increased by more than 2.2 times, from 3.3 crore in AY 2013-14 to over 7.5 crore in AY 2023-24, demonstrating significant expansion in India’s tax base.

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