Key Points
Assessment Year 2021-22 (AY22) saw taxpayers reporting annual salaries exceeding 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..
In fact, while the overall number of returns of individual taxpayers has shown an increase over the years, there is also an increase in number of returns filed by individual taxpayers across various ranges of gross total income, it said.. Key Highlights..
The proportionate contribution of gross total income of bottom 25 percent individual taxpayers vis--vis all individual taxpayers has increased from 8.3 percent in AY14 to 8.4 percent in AY22..
The average gross total income for individual taxpayers increased from about 4.5 lakh in AY14 to about 7 lakh in AY22 representing an increase of 56 percent..
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