Number of High-Income Taxpayers in India Rises Fivefold in a Decade

The number of Indian taxpayers with taxable incomes exceeding ₹1 crore has surged more than fivefold, reaching nearly 2.3 lakh in the assessment year (AY) 2023-24, compared to just 44,078 in AY 2013-14. This significant rise reflects the rapid growth in high-income earners over the past decade. Salaried individuals contributed to nearly 52% of those with incomes over ₹1 crore in AY 2022-23, up from 49.2% the previous year. However, the majority of individuals earning more than ₹5 crore were businesspersons or professionals. Interestingly, 23 individuals reported an annual taxable income exceeding ₹500 crore in AY 2023-24, compared to only one individual in AY 2013-14. The middle-income segment has also expanded, with the ₹5.5-9.5 lakh group representing over 23% of tax returns, compared to 18% in AY 2013-14. Overall, the total number of tax returns filed more than doubled, rising from 3.3 crore to over 7.5 crore.