Agencies
New Delhi: The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 percent, 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 total number of taxpayers (including corporates, firms, HUFs, etc.) showing income of above Rs 1 crore has also registered sharp increase over the three-year horizon.
While 88,649 taxpayers disclosed income above Rs 1 crore in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60 percent). Similarly, the number of individual taxpayers disclosing income above Rs 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68, an official statement said.
The average tax paid by corporate taxpayers has increased from Rs 32.28 lakh in AY 2014-15 to Rs 49.95 lakh in AY 2017-18 (growth of 55%). There is also an increase of 26% in the average tax paid by individual taxpayers from Rs 46,377 in AY 2014-15 to Rs 58,576 in AY 2017-18.
During the three-year period under reference, the number of salaried taxpayers has increased from 1.70 crore for AY 2014-15 to 2.33 crore for AY 2017-18 (up by 37 percent). The average income declared by the salaried taxpayers has gone up by 19 percent from Rs 5.76 lakh to Rs 6.84 lakh.
During the same period, there has also been a growth of 19 percent in the number of non-salaried individual taxpayers from 1.95 crore to 2.33 crore and the average non-salary income declared has increased by 27 percent from Rs 4.11 lakh in AY 2014-15 to Rs 5.23 lakh in AY 2017-18, CBDT said.
(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)
