Big reveal: what number of millionaires are there in India? Know right here

by Jeremy Spirogis
India's cleanest city for 4th consecutive time

New Delhi. Do you know the way many millionaires are there in India? If you’re requested to make an estimate of the variety of millionaires, then maybe you possibly can estimate in a number of thousand and even hundreds of thousands. But the earnings tax information says one thing else. According to earnings tax information, 5.78 crore individuals filed ITR or earnings tax returns in FY 2018-19. Of these, solely 2200 individuals reported their earnings above Rs 1 crore. These embrace docs, chartered accountants, legal professionals and different such professionals who disclosed earnings of greater than Rs 1 crore excluding different earnings similar to hire, curiosity, capital positive aspects. <! –

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                 At the identical time solely 8600 individuals reported their earnings greater than Rs 5 crore.

3.16 lakh individuals incomes greater than Rs 50 lakh

Income tax division figures present that the earnings of three.16 lakh individuals within the nation was greater than Rs 50 lakh. Apart from this, the earnings of 1 crore individuals was 5 to 10 lakh rupees and the earnings of 46 lakh individuals was greater than 10 lakh rupees. The Income Tax Department offered the main points on Wednesday following Prime Minister Narendra Modi's remark through which he stated that there’s a very small variety of taxpayers declaring earnings of greater than Rs 1 crore. PM Modi had stated that within the final 5 years, greater than 1.5 crore automobiles had been bought in India. More than thirty million Indians went overseas for business or tourism. But the scenario is such that in a rustic with 130 crore individuals, just one.5 crore individuals pay earnings tax. He additionally stated that solely 2200 individuals have declared their annual earnings greater than Rs 1 crore.

More than 1 crore with earnings beneath Rs 2.5 lakh

The Income Tax Department has acknowledged that out of a complete of 5.78 crore particular person taxpayers for the monetary yr 2018-19, 1.03 crore individuals reported their earnings beneath Rs 2.5 lakh. At the identical time, earnings of three.29 crore individuals ranged between Rs 2.5-5 lakh. Apart from this, 4.32 crore individuals have disclosed earnings as much as Rs 5 lakh. In the evaluation yr 2018-19 (monetary yr 2017-18) 49,128 salaried individuals declared earnings of greater than Rs 1 crore.

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