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Crorepatis On A Rise In India
By: Tupaki Desk | 21 Dec 2017 4:52 PM IST
Income Tax Department unveiled the statistics for Assessment Year 2015-16 (Financial Year - April 2014 to March 2015). About 59,830 Individuals with over Rs 1 crore of declared income had a cumulative income of Rs 1.54 lakh crore.
Individuals with over Rs 1 crore income rose 23.5 percent in the Assessment Year 2015-16. In 2014-15 Assessment Year, About 48,417 individuals declared income of Rs 1 crore or more and their cumulative income stood at Rs 2.05 lakh crore. Here is the twistâ¦the cumulative income is less by Rs 50,889 crore in 2015-16 when compared with 2014-15 though the number of crorepatis has increased.
About 4.17 crore out of 1.2 billion citizens filed Tax Returns in Assessment Year 2015-16. As many as 82 lakh individuals showed zero income or less than Rs 2.5 lakh per annum. 1.33 crore individuals are in the income group (2.5 to 3.5 lakh) in AY 2015-16.
In the Assessment Year 2014-15, About 3.65 crore individuals filed Tax Returns. 1.37 crore out of them showed zero income or less than Rs 2.5 lakh per annum.
About 55,331 individuals had income between Rs 1 crore to 5 crore. About 3,020 individuals had income between Rs 5 to 10 crore. As many as 1,156 citizens had income between Rs 10 to 25 crore.
Only a single person had income of over Rs 500 crore in Assessment Year 2015-16. And his total income was Rs 721 crore.
Individuals in Rs 100 to 500 crore category has gone up to 31 (cumulative income Rs 4,175 crore) in AY 2015-16 from 17 (cumulative income Rs 2,761 crore) in AY 2014-15.
Individuals with over Rs 1 crore income rose 23.5 percent in the Assessment Year 2015-16. In 2014-15 Assessment Year, About 48,417 individuals declared income of Rs 1 crore or more and their cumulative income stood at Rs 2.05 lakh crore. Here is the twistâ¦the cumulative income is less by Rs 50,889 crore in 2015-16 when compared with 2014-15 though the number of crorepatis has increased.
About 4.17 crore out of 1.2 billion citizens filed Tax Returns in Assessment Year 2015-16. As many as 82 lakh individuals showed zero income or less than Rs 2.5 lakh per annum. 1.33 crore individuals are in the income group (2.5 to 3.5 lakh) in AY 2015-16.
In the Assessment Year 2014-15, About 3.65 crore individuals filed Tax Returns. 1.37 crore out of them showed zero income or less than Rs 2.5 lakh per annum.
About 55,331 individuals had income between Rs 1 crore to 5 crore. About 3,020 individuals had income between Rs 5 to 10 crore. As many as 1,156 citizens had income between Rs 10 to 25 crore.
Only a single person had income of over Rs 500 crore in Assessment Year 2015-16. And his total income was Rs 721 crore.
Individuals in Rs 100 to 500 crore category has gone up to 31 (cumulative income Rs 4,175 crore) in AY 2015-16 from 17 (cumulative income Rs 2,761 crore) in AY 2014-15.