7.7 million people declared annual income between 10 lakhs and 1 crore in AY 2022

3 Aug 2022 , 02:52 PM

According to a survey released on Wednesday, there were roughly 131,000 crorepatis in India in FY22. A year ago, this amount was somewhere between 125,000 and 135,000. As per data from the Finance Ministry, there was also a considerable increase in the number of persons who reported income between Rs10 lakh and Rs1 crore.

An overview of tax filers with gross incomes between Rs10 lakh and Rs1 crore and over Rs1 crore in the assessment years 2021—22 and 2020—21 was provided by Pankaj Chaudhary, Minister of State for Finance, in a written submission to the Rajya Sabha. According to the data, from 7.3 million people in AY21 to 7.7 million in AY22, there were people with total incomes between Rs 10 lakh and Rs 1 crore.

The Income Tax Department said that 58 million people submitted their forms for AY23 before the deadline of July 31. When it is completely operational, the AIS will take the place of Form 26AS, which was first introduced in November of last year.

A mismatch will not automatically subject filers to scrutiny, according to I.T. department officials. They said that there is a clause for filing amended forms and fixing inconsistencies. In the event of a more significant mismatch, the department may notify the taxpayer pursuant to Section 142 and may request an assessment pursuant to Section 143.