According to a 2013 Times of India report, the number of taxpayers with taxable income of over Rs 100 crore has increased more than five-fold to nearly 23 lakh in FY 2023-24 (FY 2022-23) (44,078 in the same fiscal year). 14 (FY 2012-13)
The number of employees earning more than Rs 100 crore in FY 2022-23 is nearly 52%. It was 49.2% the previous year and 51% in the tax year 2013-14.
The report said that while the total number of employees earning between Rs 100 crore and Rs 500 crore is 53%, the number of employees earning more than Rs 100 crore indicates a smaller number of employees and more businessmen and professionals.
23 people declared taxable income of more than Rs 500 crore per year, but none of them were employees. This is a significant increase from the 2013/14 tax year, when only one person declared income in this category.
One of the income categories that saw its 2023-24 tax year lag behind the previous year was the Rs 25 lakh category mentioned above. It fell from 1,812 to 1,798.
The same was true for employees, with the number of employees falling from 1,656 to 1,577 in the Rs 10 lakh and above bracket, the report said.
One in four returns was in the range of Rs 550,000-950,000, while one in five returns was in the range of Rs 250,000-350,000, the report said. The Rs 550-950 lakh group increased its dominance, achieving over 23 per cent as against its share of 18 per cent in 2013-14.
The group earning 1 million to 1.5 million was the second largest contributor with a share of over 12 per cent, followed by those in the 2.5 million to 5 million range at 10 per cent, according to the report.
The total number of tax returns filed increased by more than 2.2 times, from 3.3 crore to over 7.5 crore.
Meanwhile, only 19 of the 262 people in the Rs 100-500 crore category were permanent employees. In the 2013-2014 school year, only two schools fell into this category.