- Inferred on the basis of figures of income tax return filers
The number of millionaires in the country has increased by 36.02% (about 75 thousand) in one year. In just 3 years, i.e. after Kovid-19, their number has increased approximately 13 times. These figures have been revealed in the monthly data of the Income Tax Department. According to the department, a total of 2.83 lakh income tax returns for financial year 24-25 till September are those showing income above Rs 1 crore. Out of which 77.73% people have shown personal income more than one crore.
However, the Income Tax Department has for the first time divided those with income above Rs 1 crore into 2 categories of Rs 1-5 crore and Rs 5-10 crore. According to which the income of more than 16 thousand income tax payers in the country is between 5-10 crores. In which there are 2,755 companies and 11 thousand individuals. Finally comes the firm and the Hindu Undivided Family and others. According to the department, the number of income tax return filers in the 10-50 lakh bracket is around 1.17 crore. This number has also increased 8 times in 3 years.
There are 2.83 lakh millionaires in the country, compared to 27 thousand 4 years ago
- 50 lakhs to 1 crore assets have increased from 46 thousand to 5.5 lakhs in 4 years.
- The number of people with assets above 1 crore was around 27 thousand 4 years ago, which has now reached 2.83 lakh. 10-50 lakhs have now become 1.17 crores. In terms of numbers, the highest increase has taken place in this category.
The super rich have grown so much… After Corona, the growth of companies increased rapidly à There is a huge boom in the economy after Kovid. Every sector including IT, Auto, FMCG has seen huge growth. Stock market and gold prices are hitting new highs. Companies also have a higher number of top executives whose packages include stock options. The valuation of their package is also increasing rapidly along with the share market. > Chandrasekhar Chitale, besides being an Income Tax expert, has also been on the Direct Committee of ICAI.
A symbol of prosperity… More people are declaring income, reducing tax evasion à The increase in the number of income tax return filers in the high bracket is a symbol of the prosperity of the people of the country as well as the increase in tax compliance. This will reduce tax evasion. There will be more transparency in the economy. Government tax coverage will increase. This will enable the government to strengthen infrastructure without increasing taxes. > Rajesh Shukla, MD & CEO, People Research of India's Consumer Economy (PRICE)
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
