Intellectual Thoughts by Sanjay Panda

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.