Number of Crorepatis up by 68% in India, says CBDT

The Central Board of Direct Taxes (CBDT) on Monday released Direct Tax Statistics which showed constant growth in direct tax-GDP ratio.

According to the data, the number of taxpayers (including corporates, firms, HUFs, etc.) earning above Rs 1 crore per annum has risen to 1,40,139 from 88,649 in the country in the last four years, depicting a growth of about 60 per cent.

Whereas, the number of individual taxpayers earning over Rs 1 crore annually has registered a sharp increase from 48,416 to 81,344, which translates into a growth of 68%.

As per CBDT report, “there is a growth of more than 80% in the number of returns filed in the last four financial years from 3.79 crore in FY 2013-14 (base year) to 6.85 crore in FY 2017-18.”

“The number of persons filing return of income has also increased by about 65% during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18,” CBDT said.

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.