60% Increase In Number of Crorepatis In India Since 2014: Tax Body

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

Releasing key statistics of income tax and direct taxes for a period of four years, the policy-making body of the IT Department has said that the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of 68%.

"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 88,649 taxpayers had disclosed income above Rs. 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent," the CBDT 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 per cent, the tax body added.

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.