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I-T dept: Number of crorepatis in India rose 23.5% to 59,830 in tax assessment year 2015-16

New Delhi: Individuals with over Rs 1 crore of declared income rose 23.5 percent to 59,830 in tax assessment year 2015-16, but the higher number of ‘crorepatis’ had Rs 50,889 crore less income than that of the previous year.

The income tax department on Wednesday released statistics for assessment year 2015-16 (financial year April 2014 to March 2015) showing that 59,830 individuals with gross total income of over Rs 1 crore had a cumulative income of Rs 1.54 lakh crore.

In the assessment year (AY) 2014-15, the ‘crorepati’ individuals or those with gross income of over Rs 1 crore (Rs 10 million) were 48,417 with a cumulative income of Rs 2.05 lakh crore.

Of the 1.2 billion citizens, 4.07 crore filed tax returns in AY 2015-16 with close to 82 lakh showing zero or income less than Rs 2.5 lakh.

Currently, no income tax is levied for up to Rs 2.5 lakh. In AY 2014-15, 3.65 crore filed tax returns with 1.37 crore showing zero or less than Rs 2.5 lakh income.

The combined income of all individual tax filers rose to Rs 21.27 lakh crore in AY 2015-16, from Rs 18.41 lakh crore in the previous assessment year.

The maximum number of 1.33 crore individuals was in the Rs 2.5-3.5 lakh income group in AY 2015-16. There were as many as 55,331 individuals, with income between Rs 1 crore to Rs 5 crore while those with income between Rs 5 crore and Rs 10 crore were 3,020. A total of 1,156 individuals had income between Rs 10 crore and Rs 25 crore.

In AY 2015-16, only one person had income of over Rs 500 crore and his total income was Rs 721 crore. In the previous year, there were seven individuals in that category with a cumulative income of Rs 85,183 crore.

The number of individuals in Rs 100-500 crore category rose to 31 (with cumulative income of Rs 4,175 crore), from 17 (with Rs 2,761 crore income) in AY 2014-15.

In all, 4.35 crore income tax returns, including those by individuals, were filed in AY 2015-16. Total income declared was Rs 33.62 lakh crore.

In the previous year, 3.91 crore returns were filed with Rs 26.93 crore declared income. Companies filed 7.19 lakh returns with gross income of Rs 10.71 lakh crore.

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