GG News Bureau
New Delhi, 10th Feb. Bharat is beginning to become a nation of millionaires as the number of wealthy people there rises quickly. An analysis of this year’s income tax return filing data is used to make this estimate. This indicates an increase in the number of taxpayers in the nation making more than Rs 1 crore. Indeed, the government has announced in Parliament that 2.16 lakh people will be millionaires by December 31, 2023, and that the number of people in the nation earning more than Rs 1 crore has increased dramatically.
The unique aspect is that since the Corona period, the population of wealthy individuals has increased. This is a result of the nation’s population’s steadily rising income. This rise in the number of wealthy people is a clear sign that the rate of growth in the nation is accelerating. Given this, it is predicted that the number of wealthy people in Bharat may rise sharply in the near future due to the country’s population’s consistent rise in income over the previous few years.
An indication of a growing growth rate
The rise in the number of affluent individuals in Bharat is a clear sign of the nation’s growing economic growth. Given the circumstances, it is predicted that the number of wealthy people in India may rise sharply in the near future because it is rising annually. In fact, Pankaj Chaudhary, Union Minister of State for Finance, gave a presentation in the Lok Sabha regarding the nation’s millionaires. Data on taxpayers who updated their income for this fiscal year was also provided in addition to this.
There are 2.16 lakh millionaires in Bharat
According to Union Minister of State for Finance Pankaj Choudhary, 12,218 people provided an income update for the assessment year 2023–24, an increase over the 10,528 persons who provided an income update for the previous year, 2022–23. He further said that while 1,87,000 people in the nation earned Rs 1 crore or more in AY22–23, the number of ITRs for those individuals will rise to 2,16,000 in the assessment year 2023–24.
ITR data was shared by Union Minister
Union Minister of State for Finance Pankaj Chaudhary released data from income tax returns filed by individuals earning more than Rs 1 crore to shed light on this rise in the number of wealthy people. In assessment year 2021–22, there were 1,14,446 individuals with incomes exceeding Rs 1 crore; in AY 2020–21, the number of individual taxpayers with incomes exceeding Rs 1 crore was only 81,653. Individual taxpayers, corporations, partnerships, and trusts are among them.
Larger percentage of tax collection
Union Finance Minister Nirmala Sitharaman responded to a question in Parliament by presenting data on personal income tax and stating that the country’s direct tax collection (through January 31, 2024 for FY 2023-24) and personal income tax increased at a rate of 27.6 percent annually. As she went on to say that there has been a significant rise in tax revenue as a result of the rate reduction, government actions and other measures.
A 50% increase in taxpayers
Over the past four years, there has been a 50% increase in the number of individuals earning over Rs 1 crore. In comparison to 2019–20, there has been a 41.5 percent increase in the number of taxpayers paying income tax of more than Rs 1 crore, but only a 0.6 percent increase in the number of taxpayers paying income tax of more than Rs 5 lakh. In the tax bracket ranging from Rs 5 lakh to Rs 10 lakh, 1.10 crore more taxpayers were registered as of 2018–19. These numbers make it evident that the nation’s wealthiest population is growing at a rapid rate.
First is Maharashtra, followed by UP
In the assessment year 2022–2023 there were 7.78 crore income tax returns filed. 2021–22 saw the filing of 7.14 crore returns, while 2020–21 saw the filing of 7.39 crore returns. With 1.98 crore returns filed in the assessment year 2022–2023, Maharashtra continued to lead the way. Second place went to Uttar Pradesh with 75.72 lakh. Following this, Gujarat received 75.62 lakh returns, while Rajasthan received 50.88 lakh returns. The following states in this list are West Bengal with 47.93 lakh returns, Tamil Nadu with 47.91 lakh, Karnataka with 42.82 lakh, and Delhi with 39.99 lakh.