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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. Howev
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FAQ :
In assessment year (AY) 2023-24, nearly 2.3 lakh Indian taxpayers reported taxable incomes exceeding ₹1 crore.
In AY 2013-14, there were 44,078 taxpayers with taxable incomes exceeding ₹1 crore.
Salaried individuals contributed to nearly 52% of those with incomes over ₹1 crore in AY 2022-23.
The majority of individuals earning more than ₹5 crore are businesspersons or professionals, not salaried employees.
The total number of tax returns filed more than doubled, rising from 3.3 crore to over 7.5 crore.
No, 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.
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