Taxpayers earning above Rs 1 crore a year rose 60% over the last four years

The number of taxpayers earning more than Rs 1 crore a year has increased by almost 60% in the last four years the Central Board of Direct Taxes (CBDT) said Monday.

Releasing key statistics of income tax and direct taxes for a period of about four years, the policy-making body of the IT department said the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68%.

“The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase.

ALSO READ: IMF predicts downside risk for global economy

“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%,” the CBDT said.

Similarly, it said, 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%.

ALSO READ: Your Business Planner This Week (Oct 22 – Oct 27)

CBDT chairman Sushil Chandra said these numbers were a result of putting in a number of legislative, informative and enforcement efforts by the tax department over the last four years.

The data also added that a growth of more than 80% was registered in the number of returns filed in the last four financial years—from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.

(with PTI inputs)

Click here for Latest News updates and viral videos on our AI-powered smart news genie

LEAVE A REPLY

Please enter your comment!
Please enter your name here