India’s crorepati grows 68% in 3 years

India is now home to 81,000 individuals with disclosed income of above Rs 1 crore per annum, with this ‘crorepati club’ expanding by over two-third in last three years, the Central Board of Direct Taxes (CBDT) data showed Monday.

Releasing key statistics of income tax and direct taxes, the policy-making body of the IT department said the total number of crorepati taxpayers, which includes corporates, firms, Hindu Undivided Families (HUFs) and individuals, has also seen a growth of about 60 per cent during the same time period.

“The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase over the three-year horizon. “While 88,649 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent,” the CBDT said.

Similarly, the number of “individual” taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 per cent.

India is now home to 81,000 individuals with disclosed income of above Rs 1 crore per annum, with this ‘crorepati club’ expanding by over two-third in last three years, the Central Board of Direct Taxes (CBDT) data showed Monday.

Releasing key statistics of income tax and direct taxes, the policy-making body of the IT department said the total number of crorepati taxpayers, which includes corporates, firms, Hindu Undivided Families (HUFs) and individuals, has also seen a growth of about 60 per cent during the same time period.

“The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase over the three-year horizon. Similarly, the number of “individual” taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 per cent.

For Local News and Immediate Delivery, download our Android App