HomeEconomy NewsNumber of people earning over ₹1 crore rises to 2.16 lakh in 2023-24
As of December 31, 2023, over 2.16 lakh individuals in India earned above ₹1 crore annually. The number of such earners has increased, with robust personal income tax collections growing at 27.6% year-on-year.
By PTIFebruary 6, 2024, 9:01:40 PM IST (Published)
The number of people earning above ₹1 crore annually has risen to over 2.16 lakh as of December 31, 2023, for Assessment Year 2023-24, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary gave assessment-yearwise details of the number of individuals submitting income tax returns (ITRs) with income of more than ₹1 crore.
| People earning over ₹1 crore | |
| Assessment Year | ITRs filed (approx) |
| 2023-24 | 2,16,000 |
| 2022-23 | 1,87,000 |
| 2019-20 | 1,09,000 |
Chaudhary further said the total number of individuals who reported income from ’Profession’ in AY 2023-24 stood at 12,218, up from 10,528 reported in AY 2022-23. In 2019-20, the number of people reporting income from ’profession’ was 6,555. In reply to a separate question, Finance Minister Nirmala Sitharaman said direct tax collection (for the financial year 2023-24 up to January 31, 2024), personal income tax has grown at a rate of 27.6% year-on-year.
”Reductions in rates, along with other measures put in place have resulted in an increase in compliance and in turn robust/buoyant tax collections,” Sitharaman said.
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