New Delhi: India, the fastest-growing economy in the world, has also seen a rapid rise in the income levels of its citizens. In the Assessment Year 2025-26, the number of millionaire taxpayers has increased sharply, with a growth of over 20% in the top four income categories.
As of December 31, the deadline for filing belated and revised Income Tax Returns (ITRs) for this year has ended. While the overall number of taxpayers filing returns has shown a marginal increase compared to last year, the number of millionaires in the taxpayer base has seen a significant boost. Between April 1 and December 31, around 9 crore ITRs were filed, compared to 8.92 crore last year, reflecting a modest increase of 1.22% in total taxpayers.
According to a report by Hindu Business Line, the number of taxpayers declaring income above ₹1 crore has seen a remarkable 22% increase. Meanwhile, the number of taxpayers with income under ₹5 lakh has declined by nearly 24%, dropping from 3.61 crore last year to 2.74 crore this year. However, growth has been recorded across all higher income categories.
Taxpayers in the ₹5 lakh to ₹10 lakh income bracket saw an increase of 15.4%, those in the ₹10 lakh to ₹50 lakh category grew by 17.3%, and those earning ₹50 lakh to ₹1 crore reported an increase of 21.4%.
Income from ₹1 Crore to ₹5 Crore increased by 21%, with the number of taxpayers rising from 2.90 lakh to 3.51 lakh. Similarly, taxpayers in the ₹5 crore to ₹10 crore range grew by 29.7%, and those earning over ₹10 crore witnessed an increase of 28.3%, from 9,874 last year to 12,670 this year.
Experts suggest that the rise in the number of higher-income taxpayers is indicative of growing income levels across the country, as well as improvements in tax reporting and compliance.
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