Social Media Means
Photo: Mathias Reding
Total number of Indians earning over Rs 1 crore/year in 75 years of independence: There were more than 76 lakh individuals having income between Rs 10 lakh and Rs 1 crore in the Assessment Year 2021-22.
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Read More »India has come a long way since its Independence in 1947. In these 75 years of freedom, India has tasted economic success and emerged as one of the most promising and rapidly growing countries. In terms of individual incomes also, there has been a substantial growth as more Indians are now having a healthy monthly income than, say, 2 decades back. The increasing wealth of individuals is also reflected in the increasing number of Income Tax filers in the country. Till 31 July 2022, more than 5.8 crore Income Tax Returns (ITRs) were filed for Assessment Year 2022-23. However, when compared to the overall population of the country, the total number of tax filers in the country is very less. The Government has been trying to bring more and more people into the tax net through various strategies. The Government doesn’t officially maintain the data on the income of households. However, as per the Department of Revenue data, there were more than 76 lakh individuals having income between Rs 10 lakh and Rs 1 crore in the Assessment Year 2021-22. In the previous assessment year, the number of such individuals was over 72 lakhs. There are not many crorepatis in the country. As per the official data, the number of individuals having income above Rs 1 crore in AY 2021-22 was just 1,31,390. The number of such individuals in the previous year was 1,25,023.
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