Despite a dip in the total number of income tax return filers, Gujarat has recorded a sharp 50% rise in high-income taxpayers—those earning over ₹25 lakh annually—over the past three financial years.

In FY 2024-25, 20.16 lakh taxpayers from Gujarat filed their income tax returns. Of them, 1.49 lakh individuals reported annual incomes exceeding ₹12 lakh. This places Gujarat behind Maharashtra (7.48 lakh), Rajasthan, West Bengal, Kerala, and Telangana in terms of the number of high-income earners.

Nationally, a total of 48.14 lakh individuals reported annual incomes of over ₹12 lakh in their ITRs this year.

However, the total number of returns filed from Gujarat has dipped compared to the previous year. In FY 2023-24, 21.76 lakh people filed returns from the state, compared to 20.16 lakh this year—a drop of over 1.5 lakh.

Despite the decline, the segment of affluent taxpayers is expanding rapidly. In the income bracket of ₹25 lakh to ₹50 lakh, 23,606 taxpayers filed returns from Gujarat in FY 2024-25. This marks a steady climb from 20,531 in FY 2023-24, 16,808 in FY 2022-23, and 14,499 in FY 2021-22—representing a more than 50% surge in just three years.

Meanwhile, 8.84 lakh taxpayers in Gujarat reported incomes of ₹2.50 lakh, the most common income category. 4.58 lakh people fell into the ₹5 lakh to ₹7.5 lakh annual income group.

Maharashtra continues to lead the nation in tax return filings, with 46.13 lakh returns in FY 2024-25, followed by Uttar Pradesh (34.60 lakh). Gujarat ranked seventh among all states in total filings.

The rise in high-income returns is attributed partly to economic growth in certain urban clusters, and partly to tax policy changes, including the new tax regime, where the ₹12 lakh income threshold attracts a 15% tax rate after a standard deduction of ₹75,000.

These figures highlight the growing economic strength of Gujarat’s upper middle class and wealthy segment, even as overall compliance rates show signs of stagnation.