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Number of millionaires taxpayers increased by 60% in India from 2014: CBDT Report

 

 

Central Board of Direct Taxes (CBDT) Report: The number of millionaires has increased up to 68% in India 

The Central Board of Direct Taxes (CBDT) on October 22, 2018, said that the number of people showing income of more than Rs 1 crore in the last 4 years has increased by 60%. As a CBDT, the number of those who showed more than Rs 1 crore in the assessment year 2014-15 was 88,649 which increased to Rs 1.4 lakh in the assessment year 2017-18.

According to the policy makings body of the Income Tax Department, there has been an increase of 68 percent in the last four years in the number of millionaires. According to him, the number of people earning more than 10 million annually has increased rapidly. Where in the year 2014-15, 88,649 income taxpayers declared income of more than 10 million and in the year 2017-18 it increased to 1,40,139 lakhs.

According to the CBDT, the number of individual taxpayers with income of more than Rs 1 crore has gone up by 68% to 48,416 from 81,344.

According to the figures, the figure for income tax returns filed in the last four financial years also increased by 80 percent. This was 3.79 crore in 2013-14, which was 6.85 crore in 2017-18.

CBDT has also said that during the last four years, the filing of ITR Returns has registered an increase of more than 80 percent and it has increased from 3.79 crores in 2013-14 to 6.85 crore in 2017-18.


 

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