If data from the income tax department's records is to believed, nine individuals in India who earned a whopping salary of more than Rs 100 crore in the financial year 2017-18, reported Live Mint.
According to Live Mint, the Rs 500 crore salary club was vacant as nobody got paid more than Rs 500 crore that year. If the taxman's data is taken into account, then India had less than 50,000 people earning an annual salary of Rs 1 crore. The income tax department analysed this data from income tax returns (ITR) filed by assessees. The income tax department analysed this data from income tax returns (ITR) filed by assessees.
The CBDT released Income Tax Returns Statistics for the assessment year 2018-19 (financial year 2017-18). It has earlier released similar data for assessment years, beginning 2012-13. The number of taxpayers disclosing gross total income over Rs 1 crore rose 19.1 per cent year-on-year to 1.67 lakh in assessment year (AY) 2018-19, income-tax statistics for assessment years released on Friday by the Central Board of Direct Taxes (CBDT) showed. Of the 1.67 lakh total taxpayers disclosing gross income over Rs 1 crore, individual taxpayers stood at 97,689 — an increase of 20.1 per cent over the previous year.
Of the total 5.52 crore returns filed by individuals in AY2018-19, 2,849 individuals filed for salary income over Rs 5 crore, as against 2,254 individuals in the previous year. Thirty five individuals filed returns for income between Rs 50 crore and Rs 100 crore, and nine for income more than Rs 100 crore but less than Rs 500 crore, as against 23 and two individuals in the respective categories in the previous year, reported Financial Express.
Things to know about income tax data on salaries:
The salary income data, as shown under income under the head 'Salaries' in ITR, reveals that out of a total of 2.9 crore salaried taxpayers, 81.5 lakh earned a salary in between Rs 5.5 lakh and Rs 9.5 lakh.
There were at least 89,793 people in India who earned in between ₹1 crore and 5 crore. In the ₹5-10 crore income bracket, India had 5,132 taxpayers while the ₹10-25 crore range had a little more than 2,000 individuals.
In the super-rich club of Rs 100-500 crore salary bracket, a group of nine individuals pocketed an average annual salary of Rs 128 crore. To protect the privacy of taxpayers, the income tax department does not reveal their names.
The above Rs 1 crore salary bracket had 49,128 individuals, out of which only 9 made more than Rs 100 crore.