Taxpayers With Income Above ₹1 Crore Rise By 323% Over 10 Years
Updated: 28-01-2025 at 7:19 AM
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Within the last 10 years, the number of people earning more than ₹1 crore in India has consistently risen. In the year 2023-24, around 3,50,129 people declared an annual income above ₹1 crore, showing a steep increase of 323% from 82,836 in 2013-14. There’s a higher number of taxpayers this is because the government is trying to make the taxation system better while giving relief to working-class citizens.
Key Growth In Taxpayer Segments
Taxes are not only paid by those who earn more than ₹1 crore and the growth of other income categories cannot be ignored as well.
₹50 Lakh to ₹1 Crore Income Group: Taxpayers in this group exhibited a growth of 440% from 1,09,171 in 2013-14 to 5,89,762 in 2023-24, as this growth indicates more compliance and more individuals reporting higher earnings.
₹20 Lakh to ₹50 Lakh Income Group: In this category, taxpayers increased by 526.5% per cent in a decade due to better simplification of tax compliance measures.
Read More: GoM For Reassessing Tax On Health & Life Insurance Premiums
Technology-Driven Compliance and Anti-Evasion Measures
The government has taken steps towards procedural compliance. The anti-tax evasion measures that are in place are watertight. This is a constant move to ease the tax compliance burden and at the same time tighten the tax collection processes.
Tax Returns up to ₹50 Lakh: In recent years, there has been a reassuring increase in the number of tax returns claiming gross receipts above ₹50 lakh which now constitutes about 76% of the income tax revenue of the country.
Zero Tax Returns: There has been a recorded 172% increase from 18 million in the year 2014 to 49 million in the issued tax returns for this category in the year 2024 in the pursuance of the new and elevated exemption limit.
Easing the Middle-Class Tax Burden
The government has been deliberately trying to help lessen the tax burden for middle-income families, those making below ₹20 lakhs a year in particular.
Increased Exemption Limit: Before 2014, those making above ₹2 lakhs in a year had to pay tax on income earned. The new exemption limit is ₹7 lakhs, thus, many will benefit from paying less tax.
Reduced Contribution: In the year 2014, out of the total tax collection, taxpayers earning less than 10 lakh contributed 10.17% of it. By 2024, this has decreased to 6.22%, implying a lesser tax burden to the middle class.
Reduced Average Tax Outgo for Middle-Class Taxpayers
In the last decade, the average tax paid by a middle-income taxpayer has fallen significantly, thereby making the tax payment easy.
Income between ₹10 Lakh to ₹15 Lakh: The average tax paid decreased from ₹2.3 weeks to ₹1.1 weeks.
Income between ₹15 Lakh to ₹20 Lakh: Average tax paid: 4.1 Lakh reduced to 1.7 lakh.
Read More: Why Does It Take 18-20 Days For The Tax Department To Process ITR In India?
Conclusion
The increasing number of taxpayers among upper brackets of income and the increasing number of people who are no longer tax-burdened from the middle-class focus of the government is a success story. Tax structure today is much simpler, with effective measures to combat evasion and reasonable deductions brought up limits. The focus now is on broadening the tax base and deepening reforms to ensure a flatter tax system.
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