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60 per cent increase in the number of crorepatis in India: Central Tax Body

60 per cent increase in the number of crorepatis in India: Central Tax Body

India Blooms News Service | @indiablooms | 22 Oct 2018, 11:33 am

New Delhi, Oct 22 (IBNS):  The Central Board of Direct Taxes (CBDT) on Monday said the number of taxpayers earning Rs. 1 crore per annum has increased by 60 per cent in the past four years.

"The total number of taxpayers (including corporates, firms, HUFs, etc.) showing income of above Rs. 1 crore has also registered sharp increase over the three-year horizon," the government said in a statement.

"While 88,649 taxpayers disclosed income above Rs. 1 crore in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%)," it said.

The official statement said that the number of individual taxpayers earning over Rs. 1 crore annually had seen a growth of about 68 per cent.

"Similarly, 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%," read the statement.

The statement further said: "During the same period, there has also been a growth of 19% in the number of non-salaried individual taxpayers from 1.95 crore to 2.33 crore and the average non-salary income declared has increased by 27% from Rs. 4.11 lakh in AY 2014-15 to Rs. 5.23 lakh in AY 2017-18."

It said during the three-year period under reference, the number of salaried taxpayers has increased from 1.70 crore for AY 2014-15 to 2.33 crore for AY 2017-18 (up by 37%).