Number Of Crorepatis Has Risen By 60% In India, CBDT Says

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 percent, said Central Board of Direct Taxes.

The policy-making body of the I-T department said the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68 percent.

"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 over 88,000 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was over 1.41 lakh for AY 2017-18, which is a growth of about 60 percent," the CBDT said.

Similarly, it said the number of individual taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 percent.

CBDT Chairman Sushil Chandra said these numbers were a result of putting in a number of legislative, informative and enforcement efforts by the tax department over the last four years.

(Replaces an earlier version filed by BloombergQuint that misstated the percentage of taxpayers with income of more than Rs 1 crore)