Between AY 2023–2024 and AY 2013–14, the number of people declaring taxable income over Rs 1 crore increased fivefold. That is, from 44,078 to approximately 2.3 lakh.
Individual tax returns filed increased by more than 2.2 timesfrom 3.3 crore in the fiscal year 2013–14 to over 7.5 crore in the fiscal year 2023–24.
Income Tax Filers With Income Above Rs. 1 Crore Increases Fivefold
Salaried people accounted for over 52% of those declaring incomes over Rs 1 crore in the most recent assessment year; this is down from 49.2% in AY 2022–2023 and 51% in AY 2013–14.
53% of the declarants in the Rs 1-5 crore income range were salaried workers; however, as income levels rose, this percentage decreased, suggesting a greater proportion of professionals and business owners.
Nineteen out of the 262 people in the Rs 100-500 crore group were salaried, compared to none of the 23 people who reported incomes exceeding Rs 500 crore in AY 2023–2024.
Only one person reported earning more than Rs 500 crore in the fiscal year 2013–14, and two people were in the Rs 100–500 crore range.
The number of people who disclosed income over Rs 25 crore in the fiscal year 2023–2024 decreased somewhat from 1,812 in the fiscal year 2022–2023 to 1,798.
4.7% Decrease In The Number of Salaried Individuals
In the same year, there was a 4.7% decrease in the number of salaried individuals in the over Rs 10 crore sector, going from 1,656 to 1,577.
The percentage of income tax returns from persons in the Rs 4.5-9.5 lakh income category was 52% in AY 2023–24, whereas the percentage from the Rs 1.5-3.5 lakh sector was 54.6% in AY 2013–14.
Individuals in the Rs 5.5-9.5 lakh income group filed one in four returns in the AY 2023–24, whereas one in five filings in the Rs 2.5–3.5 lakh category were filed in the AY 2013–14.
Up from 18% in AY 2013–14, the income group earning between Rs 5.5 and Rs 9.5 lakh accounted for about 23% of gross total income in AY 2023–24.
In the fiscal year 2023–2024, the income group earning between Rs. 10 and Rs. 15 lakh accounted for over 12% of gross total income, with the Rs. 25–50 lakh group coming in second at 10%.
In contrast, with a 12.8% share in AY 2013–14, the income group earning between Rs 2.5 and Rs 3.5 lakh was the second-largest contributor.
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