2.3 lakh Indian taxpayers declare incomes over ₹1 crore in AY 2023-24, reflecting improved income levels and tax compliance, with salaried individuals making up 52%.

In India, the number of taxpayers declaring incomes exceeding ₹1 crore has surged from 44,078 in AY 2013-14 to nearly 2.3 lakh in AY 2023-24, reflecting improved income levels and tax compliance. The total individual tax returns filed rose from 3.3 crore to over 7.5 crore. Salaried individuals now make up 52% of those declaring over ₹1 crore. Notably, India has also seen a rise in billionaires, with 334 reported in 2024, up by 75 from the previous year.

October 21, 2024
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