Surge in Crorepati Tax Filers: Almost A Million Of Crorepati Taxpayers Filed Returns By October 31, 2024

Over 954,000 individuals with an annual income of Rs 1 crore and above submitted their income tax returns (ITRs) by October 31, 2024, according to data from the income tax portal. This reflects a significant increase in tax filings compared to the previous months. 

Monthly Breakdown Of Returns 

In assessment year (AY) 2024-25, income tax filings among those earning Rs 1 crore has shown a steady increase. In October 2024 alone, 276,000 people in this group submitted their tax returns, a significant rise from 238,472 individuals who filed their returns in September 2024. The figures from the previous months were similarly significant, with August 2024 reporting 215,586 filings and July showing 208,284 filings. 

During the first three months of the AY 2024-25, 15,694 people filed their tax returns, adding to an aggregate total of 954,908 returns filed. 

Historical Comparison 

Five years ago, the number of crorepati taxpayers was far lower, at 289,000. This trend demonstrates increased knowledge and compliance among high-income earners. In July 2024, the number of taxpayers earning Rs 1 crore filing their returns was approximately 10 times more than in prior months, indicating a significant month-on-month (m-o-m) increase in the number of returns filed. 

High-Income Filers 

In the first seven months of this fiscal year, 26,449 persons with yearly earnings exceeding Rs 10 crore submitted tax filings. Specifically, 8,064 of these high-income taxpayers filed forms in the month of October. In contrast, the months of April and May 2024 saw the fewest number of returns being filed, at just 51 and 93, respectively. 

Total Filings And Verification 

For AY 2024-25, the total number of returns filed reached 81.1 million, with 79.7 million of those returns being verified. 

Deadline Extension 

In a related event, the Central Board of Direct Taxes (CBDT) has issued an extension to the deadline for filing income tax returns for AY 2024-25. The due date has been changed from October 31 to November 15, 2024. This extension applies to specified provisions of the Income-tax Act, 1961, as outlined in a circular published by the CBDT on October 26, 2024.