The number of taxpayers with more than ₹1 crore of taxable income rose by more than five times to just under 2.3 lakh in the assessment year 2023-24 (Financial year 2022-23), compared to 44,078 in AY2013-14 (FY2012-13), according to a Times of India report.
The number of salaried individuals with more than ₹1 crore income amounted to nearly 52% in AY2022-23. This was 49.2% in the year before and 51% in AY2013-14.
Though the number of salaried individuals earning ₹1-5 crore was as much as 53% totally, the incomes higher than this represented fewer salaried people, which points to more businesspersons and professionals, according to the report.
23 individuals declared taxable income over ₹500 crore annually and none of them were salaried individuals. This is a huge jump from AY2013-14 where only one individual declared an income in this bracket.
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Meanwhile, only 19 out of the 262 individuals in the ₹100-500 crore bracket were salaried. In AY2013-14, there were only two in this bracket.
An income bracket where AY2023-24 fell behind the previous was the income of over ₹25 crore. It fell from 1,812 to 1,798.
Similarly for salaried individuals, the number of individuals declined from 1,656 to 1,577 in the over ₹10 crore segment, according to the report.
One in every four returns was filed in the ₹5.5-9.5 lakh segment, compared to one in every five coming from the ₹2.5-3.5 lakh bracket, according to the report.
The ₹5.5-9.5 lakh group strengthened its dominance, accounting for more than 23% share, compared to 18% in AY2013-14.
