20 December 2017 09:51:38 IST

Number of ‘crorepatis’ in assessment year 2015-16 grew 23.5%

The 48,417 crorepatis had a cumulative income of ₹2.05 lakh crore

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

The income tax department today 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 ₹1 crore had a cumulative income of ₹1.54 lakh crore.

In the assessment year (AY) 2014-15, the ‘crorepati’ individuals or those with gross income of over ₹1 crore (₹10 million) were 48,417 with a cumulative income of ₹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 ₹2.5 lakh.

Currently, no income tax is levied for up to ₹2.5 lakh.

In AY 2014-15, 3.65 crore filed tax returns with 1.37 crore showing zero or less than ₹2.5 lakh income.

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

The maximum number of 1.33 crore individuals was in the ₹2.5-3.5 lakh income group in AY 2015-16.

There were as many as 55,331 individuals, with income between ₹1 crore to ₹5 crore while those with income between ₹5 crore and ₹10 crore were 3,020. A total of 1,156 individuals had income between ₹10 crore and ₹25 crore.

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

The number of individuals in ₹100-500 crore category rose to 31 (with cumulative income of ₹4,175 crore), from 17 (with ₹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 ₹33.62 lakh crore.

In the previous year, 3.91 crore returns were filed with ₹26.93 crore declared income.

Companies filed 7.19 lakh returns with gross income of ₹10.71 lakh crore.