As per the information presented in the Parliament of India, for the assessment year 2023-24, the number of people earning above ₹1 crore annually has risen to over 2.16 lakh as of December 31, 2023.
Over 2.6 Lakh Earn More Than ₹1 crore annually
Assessment-year wise details of the number of individuals submitting income tax returns (ITRs) with income of more than ₹1 crore were presented by the Minister of State for Finance Pankaj Chaudhary.
Diving deep to the information, there has been rise in the number of individuals in this list who have reported their income from ’Profession’. In AY 2023-24, this category of people reached 12,218 count whereas in the AY 2022-23, they stood at 10,528.
The same number of people for the AY 2019-20, was 6,555.
Finance Minister Nirmala Sitharaman, in reply to a separate question, said that direct tax collection (for the financial year 2023-24 up to January 31, 2024), personal income tax has grown at a rate of 27.6% year-on-year.
People earning over ₹1 crore
Assessment Year ITRs filed (approx)
2023-24 2,16,000
2022-23 1,87,000
2019-20 1,09,000
The Finance minister added that” Reductions in rates, along with other measures put in place have resulted in an increase in compliance and in turn robust/buoyant tax collections”.
