A golfer tees off near a high-rise luxury apartment block under construction in Noida, India (Photographer: Pankaj Nangia/Bloomberg News)  

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.

Also read: Income Tax Collection At Record Rs 10.03 Lakh Crore

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