Income Tax News: India Witnesses 50% Increase in Millionaires with Over Rs 1 Cr Income

30 Sep, 2023 Author: Ayushee Joshi

Business News: According to the Income Tax Filing Data, the number of wealthy individuals in India is steadily expanding, and the country is on the road to becoming a country of millionaires. According to the report, the number of taxpayers in the country earning more than Rs 1 crore has climbed. This unexpected increase has been recorded particularly since the Corona period. This rise is a clear indicator of the country’s growing growth rate.

50% Increase in Millionaires

The income tax return deadline has finally gone. ITR filing statistics for the fiscal year 2023-24 have also been released. According to the Income Tax Department, a total of 6.77 crore income tax returns were filed across the country for the fiscal year 2023-24. Year on year, ITR has increased by a record 16.1%. According to the report, 2.69 lakh taxpayers with incomes greater than Rs 1 crore filed ITR. This statistic is 49.4 percent higher than the previous year's total of 1.80 lakh. In 2021-22, there will be 1.93 lakh persons earning more than Rs 1 crore. In the previous four years, the number of persons earning more than Rs 1 crore has increased by half.