Income Tax department has revealed some interesting statistics related with wealth of Indians, who decided to declare their incomes last year. Relatively, annual declaration of income has increased at an astonishing pace, and the declared income of salary holders have risen faster than any estimation.
On an average, income declaration has increased by 10-22% for various categories, and IT Dept. is expecting the momentum to continue this year, with growth projected at 20%.
These statistics were shared for the year 2014-15.
More Indians Become Crorepatis in 2015
As per the data released, there are right 45,027 Indians who are earning more than Rs 1 crore but less than Rs 5 crore annually, which is an increase of 10% compared to last year.
At the same time, 98,815 people had income more than Rs 50 lakh, but less than Rs 1 crore.
However, only 3000 Indians are right now earning more than Rs 5 crore, which is actually quite surprising considering the number of billionaires India has right now (please see note at the bottom). Last year, we had beaten Russia to become world’s 3rd largest country in creating billionaires.
But still, total of number declarations above Rs 5 crore annual income has increased at a record pace in 2015.
Increase of Salaried Crorepatis
If we talk only about salaried income being declared, then there has been a healthy rise reported. As per 2015 data , total of 24,942 Indians are earning a salary of more than Rs 1 crore annually.
54,921 salaried professionals are getting salaries between Rs 50 lakh and Rs 1 crore.
Here is a breakdown of crorepati salary holders:
- Salary between Rs 5 crore and Rs 10 crore: 928 Indians
- Salary between Rs 10 crore and Rs 25 crore: 232 Indians
- Salary between Rs 25 crore and Rs 50 crore: 32 Indians
- Salary between Rs 50 crore and Rs 100 crore: 10 Indians
- Salary of Rs 100 crore+: 2 Indians
As per analysts, such huge declarations of salaries is not very common, and the trend caught up during 2012-13 phase, when recession was slowly going away, and the economic reforms was taking place concretely. Several highly-paid CEOs switched their jobs, and this brought in perks and allowances which increased their salaries.
Current ecommerce and digital boom can also be attributed to the rising crorepati salary-holders in India.
Note: Even if one is a billionaire, it is, in most cases, a notional value of stocks and immovable assets that they own. Even if they are billionaire, it does not mean they may be drawing huge salaries…"Only 3000 Indians Are Earning More Than Rs 5 Cr Annually; Total 48,000 Crorepatis In India - IT Dept",