According to the latest data of Income Tax Department, Rs. The number of taxpayers reporting income of more than Rs 1 crore has increased almost five times from 44,078 in FY 2012-13 to 2.3 lakh in FY 2022-23. This growth is attributed to increase in income of taxpayers and increase in compliance with income tax rules. During the same period, the number of returns filed by individual taxpayers has increased by 2.2 times from 3.3 crore to 7.5 crore.
In the financial year 2022-23 Rs. Salaried taxpayers constitute 52 per cent of the total number of taxpayers filing returns showing income above Rs 1 crore, up from 49.2 per cent in 2021-22 and 49.2 per cent in 2012-13. A total of 2.3 lakh taxpayers in 2022-23 will pay Rs. Of the 2.3 lakh taxpayers declaring income of more than Rs 1 crore, 52 percent i.e. about 1.20 lakh taxpayers are salaried taxpayers. However, as income levels increase, the number of salaried taxpayers among individual taxpayers decreases and the number of business taxpayers increases. Rupee. Of the total 262 taxpayers reporting taxable income between Rs 100 crore and Rs 500 crore, only 19 taxpayers are salaried taxpayers, while Rs. Of the 23 individual taxpayers reporting income of more than Rs 500 crore, not a single taxpayer is a salaried individual.
In the financial year 2012-13 Rs. The number of individual taxpayers showing taxable income above Rs 500 crore was only one, while Rs. The number of individual taxpayers reporting taxable income between Rs 100 crore and Rs 500 crore was 2. However, in the year 2022-23 as compared to the financial year 2021-22, Rs. There has been a decline in the number of individual taxpayers reporting taxable income of more than Rs 25 crore. This number was 1,812 in 2021-22, which has increased to 1,798 next year. Similarly, in the same period Rs. The number of salaried taxpayers reporting taxable income of more than Rs 10 crore declined by 4.7 per cent to 1,577 from 1,656.
Out of the total returns filed in assessment year 2023-24, Rs. 4.5 lakh to Rs. The percentage of returns filed by individual taxpayers showing income up to Rs 9 lakh is 52 per cent. In comparison, in assessment year 2013-14 Rs. 1.5 lakh to Rs. The share of returns filed by individual taxpayers reporting income up to Rs 3 lakh was 54.6 per cent.
Increase in compliance with income tax rules
Individual taxpayers filing returns with nil taxable income accounted for 0.3 per cent of total returns in assessment year 2023-24, compared to 0.7 per cent in assessment year 2013-14.
Rupee. A total of more than 2 crore individual taxpayers in the income bracket of Rs 5.5 lakh to Rs 9 lakh have filed their returns which is the highest number of return filers in any income slab.
A total of 23 individual taxpayers have paid Rs. Taxable income of Rs 500 crore, none of which is a salaried individual
In assessment year 2023-24, 262 taxpayers paid Rs. Income shown is between Rs 100 crore to Rs 500 crore which is 8% less than the previous assessment year
In assessment year 2023-24, 16 individual taxpayers paid Rs. Business income has been shown from Rs 100 crore to Rs 500 crore.
A total of 14 returns amounting to Rs. Long term capital gain income of more than Rs 500 crore has been shown
3 An individual taxpayer earns Rs. 10,000 from sale of properties like house. Income shown is between Rs 25 lakh to Rs 50 lakh
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