NEW DELHI New Delhi: According to a new report, the number of crorepati taxpayers in India increased five times to 2.2 lakh in Income Tax Assessment Year (AY) 2024 compared to AY 2014. Over the last 10 assessment years, while the total number of taxpayers grew 2.3 times to Rs 8.62 crore in AY24, according to a research report by the Economic Department of the State Bank of India (SBI), the growth in the income group above Rs 10 lakh is quite attractive. Detailed analysis shows that the middle The income of the category has increased from Rs 1.5-5 lakh in AY14 to Rs 2.5-10 lakh in AY24. The total income tax returns filed during AY24 increased from Rs 7.3 crore in AY 22 to Rs 8.6 crore. Of these, a total of 6.89 crore or 79 per cent returns were filed on or before the due date.
The report said, “For FY2025, 7.3 crore ITRs have been filed by the due date and 2.0 crore more returns are expected to be filed in the remaining financial year till March 2025, taking the total number to close to 9 crore/ “For FY 2025, the share of IT returns filed after the due date may come down to around 18-19 per cent. This would reflect discipline among taxpayers,” the SBI report said. This, coupled with CBDT's continuous efforts to create an efficient, digital-heavy filing, verification and returns architecture without any hassles, leads to simplification of IT forms and processes.”
Overall, 5.1 crore more ITRs have been filed in FY2024 compared to FY15, with the highest increase recorded in Maharashtra, followed by Uttar Pradesh, Gujarat, Rajasthan and Tamil Nadu, the report said. In terms of percentage growth, smaller states like Manipur, Mizoram and Nagaland have recorded more than 20 per cent growth in ITR filing during the last nine years. Estimates show that women taxpayers constitute about 15 percent of individual taxpayers. Some states like Kerala, Tamil Nadu, Punjab and West Bengal have a higher share of female taxpayers.
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