Minister of State (Finance) Pankaj Chaudhry presented data in Rajya Sabha that showed that the number of individuals who submitted an e-return with income of more than ₹1 crore surged to over 2.16 lakh during AY24, showing a growth of 97 per cent.
According to data presented in the Rajya Sabha, the number of individual millionaires filing Income Tax Returns (ITR) has almost doubled in the last five years. It is interesting to note that this figure also increased during the challenging Covid years.
Pankaj Chaudhary, minister of state in the finance ministry, presented data on how 1.09 lakh individuals with income above ₹1 crore filed their income tax returns. An increase in the number of people filing for assessment year 2019-20 seen
This increased to over 2.16 lakh in AY24 (FY22-23), showing a growth of 97 per cent. Even during the Covid period of 2020-21 and 2021-22, the number of crorepati filings increased continuously.
For example, the number of such filers in AY22 was over 1.27 lakh, a growth of 6.7 per cent. This number rose to 1.87 lakh in the next Assessment Year, recording a growth of over 47 per cent.
Although the Ministry has not given any reason for this sudden increase in the number of crorepati filers it is believed that there has been an increase in incomes as well as more people filing returns.
The total number of 'professions' as one of the nature of business reported by Crorepatis is 12200 in 2023-2024 which was nearly two times the figure recorded in 2019-2020 is 6555.
For AY24 (till December 31, 2023), the Income Tax Department filed a record 8.18 crore returns, showing an increase of about 9% (7.51 crore returns) over the previous period.
The government said that it made several efforts to increase the number of taxpayers: