Minister of State for Finance Pankaj Chaudhary further said the total number of individuals who reported income from ’Profession’ in AY 2023-24 stood at 12,218, up from 10,528 reported in AY 2022-23
New Delhi:
The number of people earning above ₹1 crore annually has risen to over 2.16 lakh as of 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 income tax returns (ITRs) with income of more than ₹1 crore.
Chaudhary further said the total number of individuals who reported income from ’Profession’ in AY 2023-24 stood at 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% year-on-year.
”Reductions in rates, along with other measures put in place have resulted in an increase in compliance and in turn robust/buoyant tax collections,” Sitharaman said.
The total number of ITRs for AY 2023-24 filed till 31st October, 2023 was more than 7.65 crore, which is 11.7% higher compared to the total number of ITRs of 6.85 crore for AY 2022-23 filed till 7th November, 2022, the due date for filing such ITRs in the
preceding year.
Further, total number of ITRs filed in FY 2023-24 for all assessment years upto 31st October, 2023 stands at 7.85 crore, an all-time high when compared to total number of ITRs of 7.78 crore filed in FY 2022-23.