India’s Crorepati Count up to 81000 – Now, half of India’s population contains up to 81000 of crorepatis whose annual income is more than Rs 1 crore. On last Monday 2018, the data of the Central Board of Direct Taxes (CBDT) showed the number of crorepatis after evaluating the expansion of this club of crorepatis over two-third of the population in the last three years.
Understanding clearly the main statistics of direct taxes and income tax, the body which makes policy of the department of IT said the overall number of taxpayers who are crorepati, which involves firms, corporates, individuals and Hindu Undivided Families (HUFs), has also noticed a rise of up to 60 percent of them at the time of the similar time period.
India’s Crorepati Count up to 81000 In Detail
The overall number of taxpayers (firms, corporates, Hindu undivided families along with others) presenting an income of more than Rs 1 crore has experienced a sharp rise over the time span of three years. “While taxpayers of about 88,649 in number had uncovered their income which is more than Rs 1 crore in the assessment year of 2014-15, the figures were 1,40,139 for the Annual year 2017-18, which is a rise of up to 60 percent,” said by the Central Board of Direct Taxes (CBDT).
Similarly, the number of taxpayers who are “individual” who uncovers their income which is more than Rs 1 crore had risen during the same period of time which is from 48,416 to 81,344, which changed into a rise of up to 68 percent. The current figures hold into account a time phase of three years as the assessment year of 2014-15 that has been drawn as the base year, that a senior official made clear. Chairman of CBDT, who is Sushil Chandra claimed that these figures were a conclusion of the Department of Income Tax i.e. ITD placing in a number of administrative, legislative, enforcement and informative attempts across the last few years to guide the taxpayers for paying their taxes which are due.
He added further that the department has given the guidance in a number of non-intrusive methods which are technology-enabled to find out the tax evasion and is devoted to ” intensified and broaden ” the tax root in India further. The new CBDT data also conveyed that a rise of more than 80 percent in the number of filed returns in the previous four financial years from 3.79 crores in the year of 2013-14 to 6.85 crore in the year of 2017-18. India’s Crorepati Count up to 81000 In Detail