During a recent parliamentary discussion, Minister of State for Finance Pankaj Chaudhary said there has been a notable surge in the number of individuals reporting an annual income exceeding Rs 1 crore.
As of December 31, 2023, the count stands at over 2.16 lakh for the Assessment Year 2023-24, signaling a significant uptick in high-income earners in the country.
The assessment year-wise statistics provided by Chaudhary indicate a steady rise in the number of individuals filing Income Tax Returns (ITRs) with incomes surpassing Rs 1 crore.
The figures have steadily increased from over 1,09,707 in Assessment Year 2019-20 to approximately 1,87,905 in Assessment Year 2022-23. The latest data further solidifies this upward trend, reaching 2,16,217 as of December 31, 2023.