India’s crorepati club continues to swell, 97,689 disclose income above Rs 1 crore
India’s crorepati club recorded a 20% growth from last year as the numbers inch closer to 98,000.
NEW DELHI: India’s crorepati club has swelled, with as many as 97,689 showing incomes above Rs 1 crore in assessment year 2018-19, according to data from the Income Tax Department, released on Friday. This is 20% growth from the year before, when the number was 81,344.
This income reported for assessment year 2018-19 relates to fiscal 2017-18, the financial year immediately after demonetisation and when the economy began to slow.
In the salaried category, 49,128 people declared incomes above a crore in AY 2018-19, compared with 41,457 the previous year.
The income tax released time-series data updated up to fiscal year 2018-19 and income-distribution data for AY 2018-19, including income distribution information of corporates, Hindu Undivided Families and individuals. The total number of tax payers declaring income above Rs 1 crore rose to 1.67 lakh in AY 2018-19 from 1.33 lakh in AY2017-18, a rise of 19%. The number of individuals paying income tax above Rs 1 crore rose to 16,759 from 14,068.
As many as 2.62 crore filed returns with no income, while another nearly 82 lakh declared income ranging from Rs 5.5 lakh to Rs 9.5 lakh.
As per the current income tax slab, annual income up to Rs 2.5 lakh faces no income tax. Income between Rs 2.5 lakh and up to Rs 5 lakh is taxed at 5% and that above Rs 10 lakh at 30%-plus.
The income tax department begun extensive use of data post the demonetisation announced on November 8, 2016. Data from bank deposits made during the period were used to nab those who were not declaring true incomes, which the department claims led to increase in compliance. About 6.21 crore returns were filed up to December 2018. These included returns for past assessment years that taxpayers filed to comply.
As many as 2,085 individuals declared income from house property above Rs 1 crore in assessment year 2018-19. There is a substantial jump in individuals declaring long-term capital gains of over a crore — to 8,629 individuals against 6,750 in AY 2017-18.
In the case of firms, the number of those declaring income above Rs 1 crore rose to 17,320 in AY 2018-19 from 12,990 the year before.India’s crorepati club recorded a 20% growth from last year as the numbers inch closer to 98,000. ]]>