In India, the increasing number of affluent individuals signifies a robust pace of national development. Analysts estimate a potential surge in the count of wealthy individuals in the coming times due to the continual rise in people’s incomes over recent years. The country is steadily becoming home to more crorepati taxpayers, hinting at a strengthening developmental trajectory.
As per analysis from income tax return filings, there has been a substantial increase in the number of taxpayers earning more than ₹1 crore. Particularly, since the onset of the pandemic, there has been a noticeable leap in people’s earnings. This surge in the count of wealthy individuals is a strong indicator of the nation’s accelerating development pace, driven by the consistent rise in people’s incomes over the years.
50% Surge in Crorepati Taxpayers: The analysis of income tax return data for 2022-23 reveals a staggering rise in taxpayers with incomes surpassing ₹1 crore, totaling 2.69 lakh individuals. This figure marks a 49.4% increase from 2018-19, where the count was 1.80 lakh. Similarly, the number of taxpayers earning more than ₹1 crore in 2021-22 stood at 1.93 lakh. Notably, over the last four years, there has been a remarkable 50% surge in individuals earning more than ₹1 crore.
Increase in Taxpayers across Income Brackets: Comparatively, there has been a substantial rise in the number of taxpayers in various income brackets. In the ₹5 lakh to ₹10 lakh income bracket, there were 1.10 crore taxpayers. This data unequivocally highlights the rapid increase in India’s wealthy population and the upward trend of individuals earning more than ₹1 crore.
Modest Rise in Overall Taxpayers: Despite these developments, the overall number of taxpayers in India remains relatively low compared to the total population. Efforts by the government to increase the tax base continue, with only around 6% of the total population currently paying taxes. This trend persists even as the monthly incomes of Indians have significantly improved over the past two decades.
Rapid ITR Filings: Between April and June 2023, the number of individuals filing income tax returns more than doubled, surpassing 1.36 crore. This substantial rise, amounting to 93.76% from April-June 2022-23, indicates a surge in tax return filings.
State-wise Tax Filings: Maharashtra leads in income tax return filings for the assessment year 2022-23, with 1.98 crore returns, followed by Uttar Pradesh at 75.72 lakh. Gujarat and Rajasthan accounted for 75.62 lakh and 50.88 lakh returns, respectively. Other states with significant numbers include West Bengal, Tamil Nadu, Karnataka, and Delhi.
This information portrays the swift rise of affluent individuals in India, marking an evolving economic landscape with a growing number of individuals earning more than ₹1 crore.
