Financial Services News

Individuals reporting annual income of above ₹1 crore doubles in 2 years to 1.69 lakh

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| Photo Credit: V. RAJU

Individuals reporting annual total income of over ₹1 crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed.

As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22, 1,69,890 individuals have shown total income of above ₹ 1 crore.

This is higher than 1,14,446 individuals who had shown similar income in AY 2021-22.

The number has doubled since AY 2020-21, wherein 81,653 individuals had declared an income of over ₹1 crore.

During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above ₹1 crore.

This includes filings by 66,397 companies, 25,262 firms, 3,059 trusts and 2,068 Association of Persons.

In AY 2022-23, the total number of ITR filed stood at over 7.78 crore, higher than nearly 7.14 crore filed in AY 2021-22 and 7.39 crore filed in AY 2020-21.

As regards the state-wise filing count for AY 2022-23, Maharashtra topped the chart with 1.98 crore ITRs being filed, followed by Uttar Pradesh (75.72 lakh), Gujarat (75.62 lakh), and Rajasthan (50.88 lakh).

The list also includes West Bengal (47.93 lakh), Tamil Nadu (47.91 lakh), Karnataka (42.82 lakh), Andhra Pradesh (40.09 lakh) and Delhi (39.99 lakh).

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