The number of Indian taxpayers with taxable incomes exceeding ₹1 crore has surged more than fivefold, reaching nearly 2.3 lakh in the assessment year (AY) 2023-24, compared to just 44,078 in AY 2013-14, according to a report. This significant rise reflects the rapid growth in high-income earners over the past decade.
Salaried individuals contributed to nearly 52% of those with incomes over ₹1 crore in AY 2022-23, up from 49.2% the previous year, and slightly higher than 51% in AY 2013-14. However, the majority of individuals earning more than ₹5 crore were businesspersons or professionals, highlighting a disparity in the upper-income brackets.
Interestingly, 23 individuals reported an annual taxable income exceeding ₹500 crore in AY 2023-24, compared to only one individual in AY 2013-14. None of these individuals were salaried employees. Additionally, only 19 out of 262 individuals in the ₹100-500 crore bracket were salaried, a sharp rise from just two individuals in AY 2013-14.
While most income brackets saw growth, the number of taxpayers earning over ₹25 crore saw a slight decline from 1,812 in AY 2013-14 to 1,798 in AY 2023-24. Similarly, salaried individuals earning over ₹10 crore dropped from 1,656 to 1,577.
The middle-income segment has also expanded, with the ₹5.5-9.5 lakh group representing over 23% of tax returns, compared to 18% in AY2013-14. This segment outpaced the ₹2.5-3.5 lakh group, which now accounts for one in every five returns.
Overall, the total number of tax returns filed more than doubled, rising from 3.3 crore to over 7.5 crore, indicating a broader tax base as India's economy continues to grow.
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