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Number of crorepatis up by 60 per cent in India

Last Modified Monday, 22 October 2018 (17:35 IST)
New Delhi: The number of taxpayers who are showing income of more than Rs 1 crore has increased by 60 per cent with the figure swelling out to 1.40 lakh in 2017-18 from 88,649 in 2014-15, the Government said on Monday.Similarly, the number of individual taxpayers disclosing income above Rs 1 crore also grew by 68 per cent during the period from 48,416 to 81,344. 
CBDT Chairman Sushil Chandra released time-series data as updated up to FY 2017-18 and income-distribution data for AY 2016-17 and AY 2017-18 here. He said the new statistics showed a higher level of compliance resulting from various legislative and administrative measures taken by the Government, including effective enforcement measures against tax evasion.
 
According to the data, there was a constant growth in direct tax-ratio over past three years and the ratio of 5.98 per cent in FY 2017-18 is the best direct tax-GDP ratio in past 10 years.
         
There is also a growth of more than 80 per cent in the number of returns filed in the past four financial years from 3.79 crore in FY 2013-14 to 6.85 crore in FY 2017-18.
 
The number of persons filing return of income has also increased by about 65 per cent during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18.
 
The CBDT added that for AY 2014-15, the return filers had declared gross total income of Rs 26.92 lakh crore, which has increased by 67 per cent to Rs 44.88 lakh crore for AY 2017-18, 
 
It added that the average tax paid by corporate taxpayers has increased from Rs 32.28 lakh in AY 2014-15 to Rs 49.95 lakh in AY 2017-18, marking a growth of 55 per cent. There is also an increase of 26 per cent in the average tax paid by individual taxpayers from Rs 46,377 in AY 2014-15 to Rs 58,576 in AY 2017-18.
 
During the period, the number of salaried taxpayers has also raised from 1.70 crore for AY 2014-15 to 2.33 crore for AY 2017-18, grown by 37 per cent. The average income declared by the salaried taxpayers has gone up by 19 per cent from Rs 5.76 lakh to Rs 6.84 lakh.
 
During the same period, there has also been a growth of 19 per cent in the number of non-salaried individual taxpayers from 1.95 crore to 2.33 crore and the average non-salary income declared has increased by 27 per cent from Rs. 4.11 lakh in AY 2014-15 to Rs 5.23 lakh in AY 2017-18.(UNI) 
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