Income Tax Department has released data on taxable income in India which states that more than 97,000 Indians have earned taxable income of above ₹1 crore in the financial year 2017-18, while more 1.7 lakh people have filed an Income Tax Return (ITR) for zero earning in the FY 2017-18 when only three super well-heeled individuals made an earning of more than ₹500 crore.
The Central Board of Direct Taxes (CBDT) has itemized the entire data, it collected from income tax returns (ITR) in its latest report. If the report is given a blow by blow look, it sums up 89,793 Indians who have earned income between ₹1 crore and 5 crore in the FY 2017-18 and 5,132 taxpayers who have earned income between ₹5-10 crore.
The report clearly depicts the increment in the number of crorepati taxpayers by 20% to 97,689 in FY 2017-18 or during the assessment year 2018-19, as the total number of crorepatis with a taxable income of more ₹1 crore, when totalised for the FY 2016-17, came out to 81,344.
When the data is analysed, considering the categories like individuals, companies, HUFs, business entities, etc as taxpayers, the total number of taxpayers with annual taxable income above ₹1 crore increases to approx 1.67 lakh, an upsurge of 19% from the last FY.
The latest report broke the news that more than 5.52 crore individuals, 8.41 lakh companies, 11.3 lakh HUFs and 12.69 lakh firms have filed ITRs during the AY 2018-19.
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When the taxable income below 1 crore is taken into account, more than 2,000 taxpayers come in the taxable income bracket of ₹10-25 lakh. When the salary break-up is reckoned with, more than 81 lakh taxpayers (a major portion of the salaried taxpayers) comes out to be making a salary in the range of ₹5.5 lakh to ₹9.5 lakh. This implies ₹7.12 lakh as the average salary income.
Notably, more than 5.87 crores ITRs were e-filed & submitted till August 15, 2019, including the ITRs, filed for nil income by more than 1.7 lakh individuals. All the above-mentioned figures are based on the data calculated from e-filed returns which were digitally signed and e-verified.
