The number of crorepati taxpayers in India has increased fivefold to 2.2 lakh in the Income Tax Assessment Year (AY) 2024 compared to AY 2014, according to a new report.

In the last 10 assessment years, while the total number of taxpayers has grown 2.3 times to 8.62 million in AY24, the growth is quite fascinating in the above Rs 10 lakh group, according to a report by research of the Economic Department of the State Bank. of India (SBI).

Granular analysis indicates the middle class in India moving from an income range of Rs 1.5-Rs 5 lakh in AY14 to Rs 2.5-Rs 10 lakh in AY24.

Total income tax returns filed in AY24 increased to 8.6 million from 7.3 million in AY22. Of these, a total of 6.89 million or 79% of returns were filed on or before the due date.

“For AY25, 7.3 million ITRs were filed by the due date and another 2.0 million returns are expected to be filed in the remaining financial year to March 2025, bringing the total close to/over 9 million,” the report said.

For AY25, the share of IT returns filed after the due date may come down to around 18-19 per cent.

“This reveals discipline among taxpayers along with simplification of forms and IT processes, driven by CBDT’s constant efforts to build an efficient, seamless digital filing, verification and return architecture,” the SBI report said.

Overall, 5.1 million ITRs were filed in AY24 over AY15, with the highest growth recorded in Maharashtra, followed by Uttar Pradesh, Gujarat, Rajasthan and Tamil Nadu.

“In terms of percentage growth, the smaller states of Manipur, Mizoram and Nagaland have seen over 20% growth in ITRs filed in the last nine years, the report said.

Estimates show that women filers make up about 15 percent of individual filers. Certain states like Kerala, Tamil Nadu, Punjab and West Bengal have a higher share of women tax filers.

(Except for the headline, this story, from a syndicated feed, has not been edited by Odishatv.in staff)

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