More than 49,000 individuals pocketed an annual salary of at least ₹1 crore
The income tax department analysed this data from income tax returns (ITR) filed by assessees
NEW DELHI :
Ever fancied getting a ₹100 crore salary? According to the latest data released by the income tax department, there were only nine individuals in India who earned a whopping salary of more than ₹100 crore in the financial year 2017-18. The ₹500 crore salary club was vacant as nobody got paid more than ₹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 ₹1 crore. The income tax department analysed this data from income tax returns (ITR) filed by assessees.
7 things to know about income tax data on salaries:
1) 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 ₹5.5 lakh and ₹9.5 lakh.
2) In the ₹10-15 lakh salary bracket, there were more than 22 lakh taxpayers.
3) More than 7 lakh individuals fell in the ₹15-20 lakh income bracket while those drawing an annual salary in between ₹20-25 lakh were about 3.8 lakh in number.
4) Over 5 lakh people fell in the ₹25-50 lakh salary range while another 1.2 lakh people earned in between ₹50 lakh and 1 crore.
5) The above ₹1 crore salary bracket had 49,128 individuals, out of which only 9 made more than ₹100 crore.
6) In the super-rich club of ₹100-500 crore salary bracket, a group of nine individuals pocketed an average annual salary of ₹128 crore. To protect the privacy of taxpayers, the income tax department does not reveal their names.
7) If all income categories are considered then the number of crorepati taxpayers in India stood at 97,689, a 20% jump.
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