According to the report, one in three taxpayers in India reports an annual income of more than ₹20 lakh. The number of people earning from investments, trading, and business is also increasing.
India's rich double, with 1 in 3 taxpayers earning over 2 million.
The country is witnessing a significant shift in the way people earn money and invest. A growing number of people are no longer relying solely on their salaries, but are also earning money through the stock market, trading, freelancing, and their own businesses.
The report reveals that nearly one in three taxpayers in India earns more than ₹2 million annually. The report's data suggests that the number of high-income earners in the country is steadily increasing.
People adopting other ways of income apart from salary
According to the report, people are now turning to other options for income besides employment. In assessment year 2026-27, approximately 47.3% of self-filers reported income from non-salary sources such as investments, businesses, freelancing, or cryptocurrency. This figure was only 9.5% in 2022-23. Furthermore, the proportion of people earning from two or more non-salary sources has also increased from 3.5% to 24.4%.
The number of people earning more than Rs 50 lakh also increased.
According to ClearTax's 'How India Filed in 2026' report, 30.5% of self-filers will declare an annual gross income of more than ₹20 lakh in assessment year 2026-27. This figure was 22.5% three years ago, in assessment year 2023-24. The share of taxpayers earning more than ₹50 lakh has also nearly doubled. It rose from 4.5% in 2023-24 to 8% in 2026-27.
There has also been an increase in women's earnings.
The report also paints a positive picture regarding women's economic participation. The share of female self-filers earning more than ₹50 lakh increased from 3.7% in 2025-26 to 5.1% in 2026-27. The share of women earning more than ₹20 lakh increased by 23% over the same period. For men, this increase was 12%. However, the proportion of women earning more than ₹20 lakh is 27%, compared to 42% for men.
Middle class also ahead in investment and trading
This shift isn't limited to high-income earners. Taxpayers with annual incomes between ₹500,000 and ₹100,000 have also seen an increase in investments and income from other sources. 49.6% of individuals in this income group filed complex income tax returns in the 2026-27 assessment year, up from 36.2% last year. This includes income from the stock market, trading, freelancing, and small businesses.
