In a sign of rising high-income taxpayers and improved compliance, the latest data released by the Income Tax Department reveals that 3.24 lakh individuals in India filed their income tax returns (ITRs) for incomes exceeding Rs 1 crore in the financial year 2024-25, ending March 31, 2025.
According to data available on the Income Tax India e-filing portal, a majority-2.97 lakh individuals - reported annual income between Rs 1 crore and Rs 5 crore. Additionally, 16,797 individuals filed returns in the Rs 5 to Rs 10 crore income bracket, while 10,184 individuals reported incomes exceeding Rs 10 crore.
Total High-Income Tax Filers (Individuals) in FY 2024-25
| Income Bracket | No. of Individuals |
|---|---|
| Rs 1-5 crore | 2,97,086 |
| Rs 5-10 crore | 16,797 |
| Above Rs 10 crore | 10,184 |
| Total | 3,24,067 |
When combined with data from companies, firms, HUFs, trusts, associations of persons, government bodies, and local authorities, the number of tax filers reporting income over Rs 1 crore rises to 4.68 lakh. This includes:
- 3.89 lakh entities with income between Rs 1-5 crore
- 36,000 entities in the Rs 5-10 crore bracket
- 43,000 entities reporting income exceeding Rs 10 crore
India Sees Growth in ITR Filing
The data also reveals encouraging trends in overall tax compliance. As of March 31, 2025, a total of 9.19 crore income tax returns were filed for FY 2024-25, out of which 8.64 crore returns were successfully e-verified.
- Total registered users on the Income Tax portal: 14.01 crore
- Registered individual users: 12.91 crore
- Aadhaar-linked individual users: 11.86 crore
There was a notable increase in the filing of specific ITR forms, especially among non-salaried and high-income earners:
- ITR-2 filings grew by 34.69%, often used by individuals with capital gains and multiple income sources.
- ITR-3, used by professionals and business owners, saw a 16.66% increase.
- ITR-1, the most commonly used form for salaried individuals, registered a modest rise of 0.54%.
- Overall, ITR filings across all categories grew by 7.81% compared to FY 2023-24.
Strong Compliance Signals from High-Income Groups
Tax experts attribute the surge in high-value return filings to increased digitization, enhanced data tracking by the Income Tax Department, and the tightening of compliance norms across sectors.
The rise in the number of crore-plus income tax filers also highlights India's expanding wealthy class and the success of sustained enforcement measures such as TDS tracking, AIS (Annual Information Statement), and improved analytics.
CAclubindia
