New Delhi: The number of individuals declaring taxable income of more than Rs 1 crore in tax returns was 44,078 in assessment year 2013-14, which has increased five times to about 2.3 lakh in assessment year 2023-24. This may indicate higher income and better compliance. According to the latest data of the Income Tax Department, the number of individual tax returns during this period increased by 2.2 times from 3.3 crore to more than 7.5 crore. The share of salaried people declaring income of more than Rs 1 crore in the last tax assessment year was close to 52%. It was 49.2% in AY 2022-23 and 51% in AY 2013-14. The share of salaried people in the Rs 1-5 crore segment was 53%. But as income levels increased, the number of salaried people decreased. The number of businessmen and professionals increased in this. For example, of the 23 people who declared annual taxable income of more than Rs 500 crore, none were salaried individuals, while 19 of the 262 in the Rs 100-500 crore segment were salaried.
two to 19
Only one individual declared income above Rs 500 crore in AY 2013-14, while there were two taxpayers in the Rs 100-500 crore group. However, there has been a slight decline in the number of individuals declaring income of more than Rs 25 crore. In the last assessment year this number came down to 1,798 as compared to 1,812 in AY 2022-23. This was seen even among the salaried class with income above Rs 10 crore. This number was 1,656 in AY 2022-23, which declined by 4.7 percent to 1,577 in 2023-24.
Individuals in the income bracket of Rs 4.5 lakh to Rs 9.5 lakh accounted for 52% of the income tax returns filed during AY 2023-24. In AY 2013-14, there were 54.6% returns from the Rs 1.5-3.5 lakh bracket. It is clear that people’s income has increased. One in every four returns was in the Rs 5.5-9.5 lakh bracket while one in every five came from the Rs 2.5-3.5 lakh bracket. In terms of gross total income, the Rs 5.5-9.5 lakh category has dominated, accounting for more than 23% share. The share of this class in AY 2013–14 was 18%.
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What changes happened?
Many other changes have also been seen in the assessment year 2023-24. For example, in terms of income, the Rs 10-15 lakh income bracket is the second largest contributor with a share of over 12%. After that comes the number of taxpayers with income of Rs 25-50 lakh, whose share is 10%. In contrast, during the assessment year 2013-14, the category with income of Rs 2.5-3.5 lakh was at second place with 12.8 percent share.