Out of 120 crore Indian citizens, only 1.5 lakh earn over Rs 1 crore

Only 150,000 income tax filers have declared earnings of more than Rs 1 crore in the current assessment year, reported Business Standard.

As per the report, Sushil Chandra, chairman of the Central Board of Direct Taxes (CBDT), revealed that salaried personal constituted the majority of 1,50,000 income tax filers.

“It is a very sorry state of affairs that in a country with 1.2 billion people, and economic growth at 7 percent, with rising consumption, where all the 5-star hotels are running full, only 1,50,000 people have declared incomes of more than Rs 1 crore,” Chandra was quoted as saying in the report.

The report, besides revealing the low turnout of companies filing returns with incomes of more than Rs 1 crore, also highlighted that the number of crorepatis grew marginally compared to last fiscal year’s 140,000.

However, while the number of individual crorepatis grew by 68 percent from 2014-15 to 2017-18, companies with gross total income more than Rs 1 crore grew at a slower rate — 40 per cent over three years, said the report.