The rich getting richer appears to be true with the pace of increase in tax fi lings by high-income earners outstripping those with less than `5 lakh in annual income. This could benefit carmakers, insurers, mutual funds, jewellers, multiplexes and hospitals, says BNP Paribas in a note.
Income tax filers with income above Rs 10 lakh have grown 20% between 2012 and 2021 vs 4.5% for those with less than Rs 5 lakh in income.
The number of tax payers above Rs 5 lakh in earnings has risen to 29 million by 2021, from 5.6 million in 2012
People with income of more than Rs 10 lakh has also surged to 8 million from 1.6 million
The pandemic appears to have dented the earnings profile of the relative stragglers in the filing pyramid. While the number of those filing with incomes of Rs 20 lakh a year rose 25% over FY19, those in the `10-20 lakh bracket increased by 24%. But the number of those earning less than Rs 5 lakh declined 20%
Sales of cars, requiring far greater discretionary expenditure than for twowheelers, rose 53% between 2012 and 2023. Motorcycle and scooter sales climbed 22%, reflecting the relative underperformance of stocks such as Hero MotoCorp
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