The figure reached 739 individuals, marking a substantial rise compared to the previous year when only 44 individuals fell in this category.
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In the first month of the fiscal year 2023-24, the Income Tax Department reported a substantial surge in taxpayers declaring income over Rs 1 crore. The figure reached 739 individuals, marking a substantial rise compared to the previous year when only 44 individuals fell into this category. This signifies a remarkable growth rate of 1579 per cent in the number of millionaires who have filed their Income Tax Returns (ITR). Recently, the Income Tax Department unveiled data about tax filers across all six categories.
As per the Income Tax Department, 3.85 lakh taxpayers filed returns in April. There has been a significant rise of 85.80 percent in the count of taxpayers earning up to Rs 5 lakh. In April 2023, the number of individuals falling into this income bracket reached 3,24,891, whereas it was merely 1,74,852 in April 2022. This demonstrates a substantial increase in the number of taxpayers with lower income levels during this period.
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The Income Tax Department has witnessed notable growth in taxpayer numbers across different income categories. The count of individuals earning between Rs 5 to 10 lakh surged by 130 percent, while those earning between Rs 10 to 20 lakhs saw a significant rise of 349 percent. The most striking increase was noticed in the income bracket of 20 lakhs to 50 lakhs, where the number of tax filers rose by a staggering 724.36 percent.
In the income range of Rs 50 lakh to Rs 1 crore, there were a total of 616 taxpayers. This category experienced an extraordinary surge, with the number of tax return filers observing a remarkable increase of 2,578.25 percent. In April 2023, the count of individuals falling within this income bracket reached 616, while it was merely 23 in April 2022.
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India has witnessed a significant surge in its direct tax collection during the period between April 1 and June 17 of the ongoing fiscal year 2023-24. The Finance Ministry has disclosed impressive growth figures, revealing an 11.18 percent surge in net direct tax collection, which reached a total of Rs 3.79 lakh crore.
