Number of crorepati taxpayers up 20% to 97,689 in AY 2018-19: CBDT data

The Central Board of Direct Taxes  of India (CBDT) has now come out with a detailed break-up of data collected from income tax returns (ITR). 

According to the report, the number of crorepati taxpayers in India shot up 20% to 97,689 during assessment year I,e AY  2018-19 or FY 2017-18. 

The number of such individuals having taxable income of over ₹1 crore stood at 81,344 during AY 2017-18.

Here are few   important  statistics:

  India's super-rich club of those earning taxable income of above ₹500 crore has only 3 individuals.  

over 1.7 lakh people filed income tax returns with zero income.

There were at least 89,793 people in India who earned in between ₹1 crore and 5 crore. In the ₹5-10 crore income bracket, India had 5,132 taxpayers while the ₹10-25 crore range had a little more than 2,000 individuals

If the salary break-up is considered, most of the taxpayers (over 81 lakh) seem to be earning a salary in between ₹5.5 lakh and ₹9.5 lakh. The average salary income in this category is ₹7.12 lakh.

If taxpayers across categories like individuals, HUFs, companies, firms, etc are included, the number of those with taxable income of more than ₹1 crore per annum rises to about 1.67 lakh, a 19% jump from the previous year.





Over all, more than 5.87 crore income tax returns were filled, as per the statistics generated from e-filed returns (digitally signed, e-verified or where ITRV has been received) submitted up to August 15, 2019.

The data revealed that over 5.52 crore individuals, 11.3 lakh HUFs, 12.69 lakh firms and 8.41 lakh companies were among those who filed returns. 

Here is the link to the report.

India slashes corporate tax to fire up economy, Dalal street responds with a massive surge.

Diwali came early for India Inc and the bourses after the Centre slashed effective corporate tax to 25.17 per cent. Indian  Finance Minister says the new rates would be "comparable with the lowest tax rates in South Asian region and in South East Asia". The announcement sent shares soaring more than five percent in Mumbai -- the biggest jump in 10 years .

Here's what India FM announced on Friday,  20^th Sept :

• Domestic company to pay income tax at the rate of 22% subject to condition they will not avail any incentive or exemptions. 

• Manufacturing companies set up after October 1 to get option to pay 15% tax. Effective tax rate for new manufacturing firms to be 17.01% inclusive of surcharge & tax.

• Listed companies that have announced buyback before July 5, 2019, tax on buyback of shares will not be charged.

• Higher surcharge will also not apply on capital gains on sale of security including derivatives held by FPIs.

• Enhanced surcharge will not apply to capital gains arising on equity sale or equity-oriented funds liable to STT stabilise flow of funds into capital markets.

• To provide relief to companies availing of concessions and benefits, a MAT relief by reducing it from 18% to 15%.

• CSR 2% spending to include government, PSU incubators and public funded universities, IITs, National  Labs & autonomous  bodies engaged in  research in science, technology, engineering & medicines. 

The following graphics from Eco times of India  sums it all.