look news india
Fast growing millionaires: The number of millionaires in India is increasing rapidly. In the last three years, the number of millionaires paying more than Rs 1 crore tax has increased by one lakh. The number of taxpayers has increased rapidly since the Covid pandemic. It is noteworthy that filing of ITR returns in India has also reached a record level of 7.28 crores.
Due to this the number of taxpayers increased
Of those filing income taxes, 5.27 crore people have opted for the new tax system. According to the report, the reason for the increase in the number of millionaire taxpayers is the boom in the stock market. Apart from this, some companies have registered huge profits. Along with this, salary increase is also an important reason.
Increase in the number of millionaire taxpayers
Furthermore, tax rules are being amended and simplified as well as strictly enforced
The number of millionaire taxpayers has increased. Whenever a difference is found between the income of a taxpayer and the tax paid, the Income Tax Department issues a notice against him.
More than two lakh millionaires in five years
State Bank of India has released a report on the number of taxpayers based on data from the Income Tax Department. It explains why the number of taxpayers has increased. According to the report, the number of millionaire taxpayers increased by 40 thousand in 2013-14 as compared to the financial year 2012-13. Whereas in 2020-21 the number of crorepati taxpayers reached 1.20 lakh. In November next year, this number increased to 1.30 lakh. The number of crorepati taxpayers increased significantly to 1,90,000 in assessment year 2022-23.