New Delhi (Agency): A recent report from the Income Tax Department of India has shown that the number of individuals reporting an annual income of more than Rs 1 crore has doubled over two years, reaching 1.69 lakh by March 2022.
According to tax return data filed for the assessment year (AY) 2022-23, relating to the income earned in the fiscal year 2021-22, as many as 1,69,890 individuals reported a total income of more than Rs 1 crore. This is a significant increase from the 1,14,446 individuals who reported similar incomes in the previous assessment year (AY 2021-22).
The increase is even more pronounced when compared to the AY 2020-21 data, when only 81,653 individuals declared an income of over Rs 1 crore. This essentially means that the number of individuals in this income bracket has doubled in just two years.
For the AY 2022-23, more than 2.69 lakh entities, including not just individuals but also companies, firms, and trusts, reported total income above Rs 1 crore. This total includes 66,397 companies, 25,262 firms, 3,059 trusts, and 2,068 Associations of Persons.
In terms of total tax returns, AY 2022-23 saw over 7.78 crore returns filed, marking an increase from nearly 7.14 crore filed in AY 2021-22, and 7.39 crore in AY 2020-21.
The report also revealed interesting state-wise data for AY 2022-23. Maharashtra topped the list with 1.98 crore Income Tax Returns (ITRs) being filed. It was followed by Uttar Pradesh (75.72 lakh), Gujarat (75.62 lakh), and Rajasthan (50.88 lakh). Other states in the list included West Bengal (47.93 lakh), Tamil Nadu (47.91 lakh), Karnataka (42.82 lakh), Andhra Pradesh (40.09 lakh), and Delhi (39.99 lakh).
The data underscores a significant increase in the number of individuals in India with substantial income, reflecting on the growth in the country’s economic prosperity. It also highlights the government’s efforts towards enhancing transparency and promoting tax compliance.