Number of crorepati's up by 68% in India

India is now home to 81,000 individuals with disclosed income of above Rs 1 crore per annum, the Central Board of Direct Taxes (CBDT) data showed Monday.

(AFP Photo/Representational)

NEW DELHI: India is now home to 81,000 individuals with disclosed income of above Rs 1 crore per annum, the Central Board of Direct Taxes (CBDT) data showed Monday. With this India's 'crorepati club' has expanded by over two-third in the last three years. "The number of individual taxpayers disclosing income above Rs 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68 per cent," a CBDT statement said. "While 88,649 taxpayers (corporates, firms, Hindu undivided families among others) had disclosed income above Rs 1 crore in assessment year (AY) 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent." 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 per cent. The tax authorities said there has been a sharp increase of more than 80 per cent in the number of returns filed in the last four fiscals. "There is a growth of more than 80 per cent in the number of returns filed in the last four financial years from 3.79 crore in 2013-14 (base year) to 6.85 crore in 2017-18," the statement said. The CBDT also said the average income of salaried, non-salaried and corporate taxpayers has risen over the last three years. "During a three-year period, the number of salaried taxpayers has increased from 1.70 crore (AY 2014-15) to 2.33 crore (AY 2017-18). This is a rise of 37 per cent. Also, the average income declared by the salaried taxpayers has gone up by 19 per cent from Rs 5.76 lakh to Rs 6.84 lakh," it said. There has also been a growth of 19 per cent in the number of non-salaried individual taxpayers during the same period, from 1.95 crore to 2.33 crore, and the average non-salary income declared has increased by 27 per cent from Rs 4.11 lakh to Rs 5.23 lakh, it said. (With inputs from agencies)