CBDT: Crorepatis in India rise 60 per cent in AY 2017-18

The taxpayers, who have been earning over Rs 1 crore a year, has increased to 1.40 lakh in the last four years, according to Central Board of Direct Taxes (CBDT). Announcing the data that showed a 60 per cent rise in the number of Crorepatis in India, CBDT said on Monday.

The key statistics were released by the policy making body of the Income Tax department for the last four years which actually depicted a rise of 68 per cent in number of tax payers earning over Rs one crore per annum.

“The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase. While 88,649 taxpayers had disclosed income above Rs. 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent,” the CBDT said.

The CBDT also said that the number of taxpayers who dis closed their income in excess of Rs 1 crore rose from 48,416 to 81,344 in last four years, which actually is 68 per cent compared to earlier periods.

According to CBDT chairman Sushil Chandra, several legislative, informative and enforcement changes by the tax department in the above-mentioned period.

Another thing that was highlighted by the CBDT was increase in number tax returns filed in 2017-18. According to CBDT, the increase was sharp — from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.

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