The number of taxpayers in India declaring incomes over Rs 1 crore has increased dramatically in recent years. According to a report from the State Bank of India (SBI), the number of crorepati taxpayers rose from 44,000 in the financial year 2013 to about 2.2 lakh (220,000) in the financial year 2024. This marks a fivefold increase over the last decade.

Women make up about 15% of individual tax filers, with states like Kerala, Tamil Nadu, Punjab, and West Bengal showing a higher percentage of female taxpayers.

From assessment year (AY) 2013-14 to AY 2023-24, the total number of taxpayers has grown by 2.3 times, reaching 8.62 crore (86.2 million) in AY 2024. This growth is particularly notable among those earning more than Rs 10 lakh.

The report also shows that many middle-class individuals have shifted their income brackets. In AY 2014, the majority earned between Rs 1.5 lakh and Rs 5 lakh. By AY 2024, this group is now primarily in the Rs 2.5 lakh to Rs 10 lakh range.

In AY 2024, a total of 8.6 crore income tax returns were filed, up from 7.3 crore in AY 2022. Notably, 79% of these returns were submitted by the due date. For AY 2025, it is estimated that only about 18-19% of returns will be filed late.

Overall, there are 5.1 crore more income tax returns filed in AY 2024 compared to AY 2015. The most significant increases in tax filings came from Maharashtra, followed by Uttar Pradesh, Gujarat, Rajasthan, and Tamil Nadu.

Source: Media Reports