Over 1.40 lakh crorepatis in India, up by 60% in last four years reveals income tax data

New Delhi: India is now residence to 81,000 people with disclosed earnings of above Rs 1 crore every year, with this ‘crorepati membership’ increasing by over two-third in final three years, the Central Board of Direct Taxes (CBDT) knowledge confirmed on Monday.

Releasing key statistics of earnings tax and direct taxes, the policy-making physique of the IT division mentioned the overall variety of crorepati taxpayers, which incorporates corporates, corporations, Hindu Undivided Households (HUFs) and people, has additionally seen a development of about 60 % throughout the identical time interval.

Representational picture. Reuters.

“The full variety of taxpayers (corporates, corporations, Hindu undivided households amongst others) displaying earnings of above Rs 1 crore has registered a pointy enhance over the three-year horizon.

“Whereas 88,649 taxpayers had disclosed earnings above Rs 1 crore in evaluation 12 months 2014-15, the determine was 1,40,139 for AY 2017-18, which is a development of about 60 %,” the CBDT mentioned.

Equally, the variety of “particular person” taxpayers disclosing earnings above Rs 1 crore had elevated throughout the identical interval from 48,416 to 81,344, which translated right into a development of 68 %.

The most recent figures bear in mind a time interval of three years as evaluation 12 months 2014-15 has been taken as the bottom 12 months, a senior official defined.

CBDT Chairman Sushil Chandra mentioned these numbers have been a results of the Earnings Tax Division (ITD) placing in a lot of legislative, administrative, informative and enforcement efforts over the previous few years to coach the taxpayers for paying their due taxes.

He mentioned the division has ushered in a lot of technology-enabled non-intrusive strategies to verify tax evasion and is dedicated to “widen and deepen” the tax base within the nation additional.

The most recent CBDT knowledge additionally confirmed {that a} development of greater than 80 % within the variety of returns filed within the final 4 monetary years — from 3.79 crore in 2013-14 to six.85 crore in 2017-18.

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