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The number of individuals reporting taxable income exceeding ₹1 crore has seen a dramatic rise, jumping from 44,078 in AY 2013-14 (FY 2012-13) to nearly 2.3 lakh in AY 2023-24 (FY 2022-23). This increase suggests both higher earnings and improved tax compliance, supported by the latest data from the tax department. During this period, total individual tax filings more than doubled, from 3.3 crore to over 7.5 crore. Salaried vs. Non-Salaried High-Income Earners Salaried individuals made up ne
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FAQ :
Nearly 2.3 lakh individuals reported taxable income exceeding ₹1 crore in Assessment Year 2023-24.
The increase is attributed to both a rise in overall incomes and improved tax compliance among individuals.
Salaried individuals constituted nearly 52% of those declaring incomes over ₹1 crore in AY 2023-24.
No, while salaried individuals are prevalent in the ₹1-5 crore range, businessmen and professionals are more common in income brackets above ₹100 crore.
Filing an ITR is mandatory if taxable income exceeds the basic exemption limit, or in specific cases like holding foreign assets, significant foreign travel expenses, or large electricity bill payments.
Individuals with TDS or TCS deductions of ₹25,000 or more, or those depositing ₹1 crore or more in a current account, are also required to file an ITR.
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