60 per cent more crorepatis in India today than in 2014
The CBDT data show that there were 88,649 crorepatis in India in 2014-15. Their number has gone up to 1.40 lakh in 2017-18.
In Short
- Number of income tax return filing grows by 80 per cent
- At 5.98 per cent, tax-GDP ratio is the highest in 10 years
- CBDT says the credit goes to new laws, better enforcement
The figures released by the Income Tax department today may come handy for the BJP when it goes to people seeking reelection of the Narendra Modi government. According to Central Board of Direct Taxation (CBDT), the number of taxpayers showing income of above Rs 1 crore has registered sharp increase of 60 per cent in the last four years.
The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase. The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country since the Modi government came to power in 2014.
The number of taxpayers disclosing income above Rs 1 crore in assessment year 2014-15 was 88,649. This makes the figure for assessment year 2017-18 at 1,40,139 about 60 per cent higher, the CBDT said while releasing key statistics of income tax and direct taxes in New Delhi today.
The number of individual taxpayer crorepatis has risen even faster. The number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68 per cent. The number of individual taxpayers disclosing income above Rs 1 crore had increased from 48,416 to 81,344 during the same period.
CBDT Chairman Sushil Chandra gave credit to a combination of steps including legislative, informative and enforcement efforts by the tax department and the government over the last four years.
The Income Tax department data show a growth of more than 80 per cent in the number of returns filed in the last four financial years - from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.
Tax-GDP ratio has also improved in the last four years. Chandra said that ratio of 5.98 per cent in 2017-18 was the best Direct Tax-GDP ratio in last 10 years.
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