Moneycontrol
Last Updated : Oct 24, 2018 11:16 AM IST | Source: Moneycontrol.com

Editor's Take | India Home to Over 81,000 crorepatis

Sakshi Batra is in conversation with Gaurav Choudhury, Deputy Executive Editor, Moneycontrol to discuss what India's burgeoning crorepati club tells us about the economy economic situation in the country.

Moneycontrol News @moneycontrolcom

India’s crorepati club is growing, as per the latest data from the Income-Tax Department. The number of individuals declaring income above Rs 1 crore increased by about 68 percent, from 48,416 in 2014-15 to  81,344 for the assessment year 2017-18.

Statistics released on Monday by the apex direct taxes body, the Central Board of Direct Taxes (CBDT), also showed that the tax-to-GDP ratio has risen to a decade high of 5.9 percent in FY18.

If all tax payers (corporates, firms, Hindu undivided families among others) are included,  the number of those earning above Rs 1 crore per annum rises to over 1.4 lakh, a 60 percent rise over the last four years.

CBDT chairman Sushil Chandra said that these numbers were a result of putting in a number of legislative , informative and enforcement efforts by the tax department over last 4 years.

Sakshi Batra is in conversation with Gaurav Choudhury, Deputy Executive Editor, Moneycontrol to discuss what India's burgeoning crorepati club tells us about the economy economic situation in the country. Tune in.
First Published on Oct 23, 2018 06:33 pm
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