Quick Summary
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 i
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FAQ :
A total of 3.24 lakh individuals filed income tax returns (ITRs) for incomes exceeding Rs 1 crore in the financial year 2024-25.
Out of the 3.24 lakh individuals, 2.97 lakh reported income between Rs 1 crore and Rs 5 crore, 16,797 filed in the Rs 5 to Rs 10 crore bracket, and 10,184 reported incomes above Rs 10 crore.
When combined with companies, firms, HUFs, trusts, and other entities, the total number of tax filers reporting income over Rs 1 crore rose to 4.68 lakh.
A total of 9.19 crore income tax returns were filed for FY 2024-25.
ITR-2 filings, often used by individuals with capital gains and multiple income sources, grew by 34.69%, and ITR-3, used by professionals and business owners, saw a 16.66% increase.
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