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

New Delhi: India is now home to 81,000 individuals with disclosed income of above Rs 1 crore per annum, with this 'crorepati club' expanding by over two-third in last three years, the Central Board of Direct Taxes (CBDT) data showed on Monday.

Releasing key statistics of income tax and direct taxes, the policy-making body of the IT department said the total number of crorepati taxpayers, which includes corporates, firms, Hindu Undivided Families (HUFs) and individuals, has also seen a growth of about 60 percent during the same time period.

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

Representational image. Reuters.

"The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase over the three-year horizon.

"While 88,649 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 percent," the CBDT said.

Similarly, the number of "individual" taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 percent.

The latest figures take into account a time period of three years as assessment year 2014-15 has been taken as the base year, a senior official explained.

CBDT Chairman Sushil Chandra said these numbers were a result of the Income Tax Department (ITD) putting in a number of legislative, administrative, informative and enforcement efforts over the last few years to educate the taxpayers for paying their due taxes.

He said the department has ushered in a number of technology-enabled non-intrusive methods to check tax evasion and is committed to "widen and deepen" the tax base in the country further.

The latest CBDT data also showed that a growth of more than 80 percent in the number of returns filed in the last four financial years -- from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.

Updated Date: Oct 22, 2018 18:16:44 IST