Crorepatis rising: Here’s how the income of Indian tax filers has changed in one year

Aug 21, 2023

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Increase in tax filers in FY23

Data from the Income Tax Department has revealed that there was an increase in the number of tax filers in FY23.

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Highest increase above ₹50 lakh

The highest increase in tax filers was recorded in the above ₹50 lakh bracket.

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Income earned by Indians

Let us look at the income earned by Indians during FY23 as per data from the Income Tax Department and how it has changed from FY22.

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Up to ₹5 lakh

The tax filers in the up to ₹5 lakh bracket has increased from 4.43 crore to 4.65 lakh people, an increase of nearly 5 percent.

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₹5-₹10 lakh

The ₹5 to ₹10 lakh bracket has recorded an increase of 12 percent, up from 98.14 lakh filers to 1.10 crore filers.

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₹10-₹20 lakh

The ₹10-₹20 lakh bracket has recorded an increase of over 23 percent, up from 36.79 lakh filers to 45.54 lakh filers.

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₹20-₹50 lakh

The ₹20-₹50 lakh bracket has also recorded a substantial increase at 31 percent. The tax filers in this bracket have increased from 14.62 lakh in FY22 to 19.2 lakh in FY23.

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₹50 lakh-₹1 crore

The ₹50-lakh-₹1 crore bracket has recorded an increase of over 33 percent, with tax filers in this bracket increasing from 2.39 lakh to 3.32 lakh.

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More than ₹1 crore

The above ₹1 crore bracket has recorded the highest percentage increase at 48 percent. The tax filers in this bracket have increased from 1.14 lakh to 1.69 lakh.

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₹50 lakh-₹1 crore

The ₹50-lakh-₹1 crore bracket has recorded an increase of over 33 percent, with tax filers in this bracket increasing from 2.39 lakh to 3.32 lakh.

Credit: Canva