97,000 Indians Earn More Than Rs 1 Crore; Only 4.2% Indians File Income Tax Returns!
Did you know that more than 97000 people in our country have a taxable income of more than Rs. 1 crore in 2017-18? And that this number was very less 81,344 in the AY 2017-18?
Yes, this is absolutely true, as shown by the income tax department’s records.
The Central Board of Direct Taxes has revealed its records of data collected from the filed income tax returns by Indian taxpayers.
The reports uncover a lot of interesting stuff, such as the number of crorepati tax holders has risen by 20% to 97,689 during the assessment year 2018-19 or FY 2017-18.
Find out all about what the reports have to say, right here!
Seven Interesting Things About Income Tax Return Filing As Revealed By The IT-Dept
Here are seven interesting things that the report reveals to us about the income tax return filed by citizens of India:
- As per the report, India has a super-rich club of people who earn a taxable income of more than Rs. 500 crore. This club has only three people in it, but their names haven’t been revealed.
- The report also reveals that there are more than 1.7 lakh people who have filed income tax returns with zero income.
- As per the income tax department, there were about 89,793 people in India who have earnings in between the amount of Rs. 1 crore to Rs. 5 crores, whereas there are about 5132 people who earn about Rs. 5 crores to Rs. 10 crores. Moreover, the report has also revealed that there are less than 2000 individuals whose income lies in between Rs. 10 crores to Rs. 25 crores.
- If one considers the salary breakup, most of the over 91 lakh taxpayers have salaries ranging from Rs. 5.5 lakh to Rs. 9.5 lakh. In this bracket, the average salary earned by a person is about Rs. 7.12 lakh.
- If employees from various categories such as individuals, HUFs, companies, firms, etc. are considered, there are about 1.67 lakh people whose taxable salary is of more than Rs. 1 crore per year. This is a magnificent 19% jump from last year’s numbers.
- As per the statistics gathered from the returns filed online, which included digitally signed, e-verified or where ITRV has been received, over 5.87 crore income tax returns were filed. These statistics are gathered from the data collected up to August 15, 2019.
- The data has also declared that from those who have filed returns, there are more than 5.52 crore individuals, 11.3 lakh HUFs, 12.69 lakh firms and 8.41 lakh companies.