Number of Rs 100 crore+ ITR filers quadruples in five years
UPSC / SSC current affairs note · Economy
Why in news
The government informed Parliament that the number of individuals filing income tax returns with a gross total income of Rs 100 crore or more has surged over four-fold in the last five assessment years, from 142 to 576. This indicates a significant increase in high-income earners and has implications for tax revenue and income inequality.
Background
The data was presented by Minister of State for Finance Pankaj Chaudhary in response to a parliamentary question. It covers assessment years from 2018-19 to 2022-23.
Key facts
Number of individuals with gross total income of Rs 100 crore or more filing ITRs rose from 142 to 576 in five assessment years.
The increase is over four-fold (4x) in the last five years.
Government also noted declining inequality and poverty in the same period.
Data was presented by Minister of State for Finance Pankaj Chaudhary in Parliament.
Prelims pointers
- Gross Total Income (GTI) threshold: Rs 100 crore
- Assessment years: 2018-19 to 2022-23
- Minister: Pankaj Chaudhary (MoS Finance)
- Source: Government reply in Parliament
Mains angles
- GS3: Indian Economy - Tax compliance and revenue trends
- GS2: Government policies and interventions for income redistribution
- GS1: Social issues - Inequality and poverty trends