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HomeCURRENT AFFAIRSBUSINESSIncome Tax News : Surge in Crorepati Tax Filers: Nearly Doubled in...

Income Tax News : Surge in Crorepati Tax Filers: Nearly Doubled in Five Years, Including Covid Period

Data presented in the Rajya Sabha reveals a remarkable surge in the number of individual income tax return (ITR) filers reporting incomes exceeding ₹1 crore. Minister of State in the Finance Ministry, Pankaj Chaudhry, presented data indicating that during the Assessment Year 2019-20, over 1.09 lakh individuals filed e-returns with incomes surpassing ₹1 crore. This number soared to over 2.16 lakh during AY24 (Fiscal Year 2022-23), reflecting a staggering growth of 97%.

Surge in Crorepati Tax Filers

Interestingly, this surge in crorepati filers continued even during the challenging Covid years, with steady increases in AY21 and AY22. For instance, the number of such filers in AY22 exceeded 1.27 lakh, marking a growth of 6.7%. Subsequently, in the next Assessment Year, the number rose to 1.87 lakh, indicating a robust growth of over 47%.

Interestingly, this surge in crorepati filers continued even during the challenging Covid years

The Ministry did not specify the reasons for this substantial increase, but it is believed that both rising incomes and an increased number of filers contributed to this trend. Among the crorepati filers, the number of individuals reporting ‘profession’ as one of the nature of business reached 12,200 in 2023-24, almost double compared to 6,555 in 2019-20.

The government’s efforts to enhance taxpayer participation include measures like introducing the new form 26AS, pre-filing of income tax returns, allowing taxpayers to update returns under section 139(8A), and simplifying the personal income tax through a new tax regime. These initiatives, coupled with a reduction in corporate tax rates, have contributed to a record rise in the number of returns filed, reaching 8.18 crore for AY24, showcasing a growth of over 9% compared to the previous year.

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