The number of individuals reporting taxable incomes exceeding Rs 1 crore has surged fivefold in the assessment year 2023-24 (FY23), rising to nearly 230,000 from just 44,078 in 2013-14, The Times of India reported on October 21. During the same period, the total number of taxpayers in India has also witnessed significant growth, more than doubling from 3.3 crore to 7.5 crore, marking a 2.2-fold increase, the report added.

In the latest assessment year (AY), individuals with taxable incomes over Rs 1 crore accounted for around 52 per cent of all salaried tax filers, compared to 49 per cent in FY23 and 51 per cent in FY14. In the Rs 1-5 crore income bracket, 53 per cent of taxpayers were salaried individuals, while the over Rs 500 crore category saw 23 salaried filers. Additionally, 19 taxpayers fell into the Rs 100-500 crore income group, according to the Times of India.

India's direct tax-to-GDP ratio reached an all-time high of 6.64 per cent in FY23, marking a notable achievement in tax collection over the past decade. According to the Central Board of Direct Taxes (CBDT), direct tax collections have surged by over 182 per cent in the past decade, hitting more than Rs 19.60 lakh crore in FY24, as highlighted in its 'Time Series Data' released on October 17.

In line with Budget 2024 announcements, the CBDT has also introduced a new Form 12BAA, which enables employees to report tax deductions from non-salary sources such as fixed deposits, insurance commissions, dividends, or taxes collected on major purchases like vehicles or foreign currency.

India has seen a significant increase in tax collections during the 2024-25 fiscal year. The net direct tax collection, after accounting for refunds, rose by 18.35 per cent to reach Rs 11.3 lakh crore between April 1 and October 10, FY25. In comparison, the tax collection for the same period last year was Rs 9.51 lakh crore, according to official data from the Income Tax (I-T) Department.

Meanwhile, net corporation tax reached Rs 4.95 lakh crore, marking an 11.2 per cent increase from the previous year. However, this growth fell short of the 12 per cent target set for the current fiscal year.