NEW DELHI: India’s crorepati club has swelled, with as many as 97,689 showing incomes above Rs 1 crore in assessment year 2018-19, according to data from the Income Tax Department, released on Friday. The total number of tax payers declaring income above Rs 1 crore rose to 1.67 lakh in AY 2018-19 from 1.33 lakh in AY2017-18, a rise of 19%. The number of individuals paying income tax above Rs 1 crore rose to 16,759 from 14,068.As many as 2.62 crore filed returns with no income, while another nearly 82 lakh declared income ranging from Rs 5.5 lakh to Rs 9.5 lakh.As per the current income tax slab, annual income up to Rs 2.5 lakh faces no income tax. Income between Rs 2.5 lakh and up to Rs 5 lakh is taxed at 5% and that above Rs 10 lakh at 30%-plus.The income tax department begun extensive use of data post the demonetisation announced on November 8, 2016. These included returns for past assessment years that taxpayers filed to comply.As many as 2,085 individuals declared income from house property above Rs 1 crore in assessment year 2018-19.

Source: Economic Times October 12, 2019 03:00 UTC