India News | People Earning over Rs 1 Crore Rises to 2.16 Lakh in AY 2023-24
Get latest articles and stories on India at LatestLY. The number of people earning above Rs 1 crore annually has risen to over 2.16 lakh as on December 31, 2023, for Assessment Year 2023-24, Parliament was informed on Tuesday.
New Delhi, Feb 6 (PTI) The number of people earning above Rs 1 crore annually has risen to over 2.16 lakh as on December 31, 2023, for Assessment Year 2023-24, Parliament was informed on Tuesday.
Minister of State for Finance Pankaj Chaudhary gave assessment year-wise details of the number of individuals submitting ITR with income of more than Rs 1 crore.
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The number has increased from over 1.09 lakh in AY 2019-20 to about 1.87 lakh in AY 2022-23.
The number of ITRs filed till December 31, 2023, with income over Rs 1 crore for AY 2023-24 has risen to 2.16 lakh.
Chaudhary further said the total number of individuals who reported income from 'Profession' in AY 2023-24 is 12,218, up from 10,528 reported in AY 2022-23. In 2019-20, the number of people reporting income from 'profession' was 6,555.
In reply to a separate question, Finance Minister Nirmala Sitharaman said direct tax collection (for the financial year 2023-24 up to January 31, 2024), personal income tax has grown at a rate of 27.6 per cent year-on-year.
"Reductions in rates, along with other measures put in place have resulted in increase in compliance and in turn robust/buoyant tax collections," Sitharaman said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)