The number of individuals declaring over Rs 1 crore income has grown fivefold in a decade, reflecting higher incomes and tax compliance.
From AY2013-14 to AY2023-24, the total tax returns filed doubled, reaching over 7.5 crore, showing broader participation in tax filing.
Salaried individuals accounted for 52% of Rs 1 crore+ income filings, growing significantly over the years, but numbers shrink at higher income levels.
The number of individuals declaring over Rs 25 crore income dropped slightly, showing a small decline among the wealthiest tax filers in the last year.
In AY2023-24, 52% of tax returns came from those earning Rs 4.5-9.5 lakh, up from lower income segments a decade ago.
India has added a new billionaire every five days in the past year, with 334 billionaires now listed, showing strong wealth creation across cities.