Over 2.16 lakh people earned more than Rs 1 crore in Assessment Year 2023-24.

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.

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.

Source from: https://www.theweek.in/wire-updates/business/2024/02/06/del77-rsq-tax.html