Indian Billionaires' Club expands as income-tax payers with over ₹100 crore earnings double
₹100 crore double to 16, compared to the previous year, as per data from the Income-Tax department, Hindustan Times reported. AY21, had eight individuals declare incomes exceeding ₹100 crore, thus indicating a 100 percent jump year-on-year (YoY) in AY22, or doubling of the number of billionaires in the Indian taxpayer base, it added. The collective salary income of these 16 individuals amounted to slightly over ₹ 2,569 crore.
On average, each of them earned ₹160.57 crore annually, according to the data. Also Read: ITR filing: How to report crypto income in income tax return after addition of new VDA schedule? While the increase is substantial, it's worth noting that the total number of such high-income earners in 2021-22 remained below the levels seen in the 2019-20 assessment year when 20 individuals reported superlative salaries. Out of a total of 67.5 million ITRs filed during this period, involving a cumulative gross income of ₹69.6 lakh crore, 589 assesses declared a total income exceeding ₹500 crore, with a combined gross total of ₹13 lakh crore.
The income-tax department compiled these statistics based on income-tax return (ITR) data for AY22, generated from e-filed returns processed until March 31. The I-T department stated that the purpose of releasing these statistics is to promote the broader utilization and analysis of income-tax data by departmental personnel and academicians. In cases where multiple returns are submitted, the values from the latest return have been considered, with inconsistent data eliminated.
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