Crores in Returns! Income Tax Return Filing Crorepatis 5X-ed in in 10 Years
According to the latest data from the tax department, the total number of tax returns filed by individuals has more than doubled from 3.3 crore to over 7.5 crore during the same period
As per data from the Income Tax Department, The number of individuals reporting taxable incomes exceeding Rs 1 crore in their income tax returns has surged fivefold over the past decade. From just 44,078 in the assessment year (AY) 2013-14 (corresponding to the financial year 2012-13), this figure has ballooned to nearly 2.3 lakh in AY 2023-24 (FY 2022-23). This remarkable increase...
As per data from the Income Tax Department, The number of individuals reporting taxable incomes exceeding Rs 1 crore in their income tax returns has surged fivefold over the past decade. From just 44,078 in the assessment year (AY) 2013-14 (corresponding to the financial year 2012-13), this figure has ballooned to nearly 2.3 lakh in AY 2023-24 (FY 2022-23). This remarkable increase suggests higher income levels and improved compliance among taxpayers.
Notably, salaried individuals accounted for nearly 52% of those declaring incomes above Rs 1 crore in the last assessment year, a slight increase from 49.2% in AY 2022-23 and 51% in AY 2013-14.
In the Rs 1-5 crore income segment, salaried individuals constituted 53% of the total, but as incomes climbed, the proportion of salaried taxpayers diminished, indicating a growing presence of businessmen and professionals in higher income brackets. For instance, among the 23 individuals declaring annual taxable incomes over Rs 500 crore, none were salaried employees, while 19 out of 262 in the Rs 100-500 crore segment were salaried.
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In AY 2013-14, only one person reported an income exceeding Rs 500 crore, and there were two in the Rs 100-500 crore category. However, compared to AY 2022-23, there was a slight decline in individuals disclosing incomes over Rs 25 crore—from 1,812 to 1,798 in the latest assessment year. A similar trend was observed among salaried individuals in the over Rs 10 crore segment, with a 4.7% decrease from 1,656 to 1,577.
The gross total income distribution has also shifted, with the Rs 5.5-9.5 lakh group accounting for over 23% of filings, compared to 18% in AY 2013-14. The second-largest contributor is now the Rs 10-15 lakh range, representing over 12%, followed by a 10% share for the Rs 25-50 lakh bracket. In contrast, the Rs 2.5-3.5 lakh group was the second-largest contributor in AY 2013-14, holding a 12.8% share.
Reflecting growth in income levels, individuals in the Rs 4.5 lakh to Rs 9.5 lakh brackets made up 52% of all tax returns filed in AY 2023-24, down from 54.6% from the Rs 1.5-3.5 lakh segment in AY 2013-14. Moreover, one in every four returns filed fell within the Rs 5.5-9.5 lakh segment, compared to one in five from the Rs 2.5-3.5 lakh bracket.
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