58,000 crorepatis added in 3 years

58,000 more crorepatis added in 3 years!

You read it right.

India added 57,951 new crorepati taxpayers despite the job losses and business downtrend during Covid pandemic.

There has been a surge in the number of Crorepatis in India. The number of individual taxpayers earning more than Rs. 1 crore jumped from 1,11,939 in pre-Covid 2019-20 to 1,69,890 in 2022-23.

The Income Tax returns filing data is witness to this and that is the official number.

In 2022-23, total taxpayers including companies, trusts, local authorities and Hindu Undivided Families, paying taxes on income above Rs. 1 Crore 2,69,184 according to CBDT.

The surge may be due to real estate deals, better compliance, share market earnings etc.

The data shared by Shantanu Nandan Sharma in ET reveals the following statistics:

NUMBER OF TAX PAYERS WITH INCOME OVER Rs. 1 Crore:

Year Number of Individuals Y-o-Y growth

2016-17 68,263 -

2017-18 84,817 24%

2018-19 1,02,637 21%

2019-20 1,11,939 9%

2020-21 81,653 -27%

2021-22 1,14,446 40%

2022-23 1,69,890 48%

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CATEGORIES OF TAXPAYERS WITH INCOME OVER Rs. 1 Crore

Category Number of Taxpayers

Artificial Judicial Persons 129

Association of Persons 2,068

Body of Individuals 64

Companies 66,397

Firms 25,262

Government 9

Hindu Undivided Family 2,241

Individual 1,69,890

Local Authority 65

Trust 3,059

Total 2,69,184

?These numbers are bound to rise further in the years to come.

The perception about taxes is changing, compliance habits are also bound to change as stricter monitoring and use of AI by authorities will force several individuals to open up and join the league.

The best part is that the young generation of entrepreneurs is inclined towards adopting clean business practices. ?