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The latest data presented in Parliament by Minister of State for Finance Pankaj Chaudhary has revealed a remarkable surge in the count of individuals earning more than Rs 1 crore annually in India. The statistics for the Assessment Year 2023-24, as of December 31, 2023, indicate a significant rise in high-income earners, suggesting positive trends in the countrys economic landscape. Rising Trend in High-Income Earners Minister Pankaj Chaudhary presented assessment year-wise statistics, sho
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FAQ :
As of December 31, 2023, for Assessment Year 2023-24, over 2.16 lakh individuals earned more than ₹1 crore.
Yes, there has been a consistent upward trend. The number rose from over 1.09 lakh in AY 2019-20 to approximately 1.87 lakh in AY 2022-23, and further to 2.16 lakh in AY 2023-24.
For AY 2023-24, 12,218 individuals reported income under 'Profession', up from 10,528 in AY 2022-23 and more than double the 6,555 reported in AY 2019-20.
Direct tax collections for FY 2023-24 (up to January 31, 2024) have shown robust growth, with personal income tax collection increasing by 27.6 per cent year-on-year.
The increase in tax collections is attributed to factors such as reductions in tax rates and measures implemented to enhance tax compliance.
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