IN 2013, then finance minister Mr. P Chidambaram had said, "It is shocking about 42,800 people and firms admit to earning over Rs. 1 crore (Rs. 10 million). Many more earn but only so many admit," said.
New data released (May 2016) by the income-tax department last week confirmed the under reporting.
While only 18,360 individuals declared salary income of Rs. 1 crore or / more, the number does not cross 40,000 even after including incomes from other heads like as house property, business income & capital gains, among others.
If one attempts to cure the double-counting, the number could shrink further.
Data from other sources like as luxury market estimates, mutual fund folios & director salaries only add to the suspicion.
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