The white paper will focus on lessening the burden of taxes, cess and other duties on the local steel industry.
According to official sources, the number reflects pick up in consumption and improvement in compliance as well.
The number such individuals having taxable income of over Rs 1 crore stood at 81,344 during AY 2017-18.
Our tax rates have become very competitive with government's move to lower corporate tax rates, said banker Deepak Parekh.
The concessional 15 per cent tax on new investment in manufacturing will provide level playing fields to local manufacturers.
Infrastructure investment of Rs 100 lakh crore will be needed for achieving USD 5 trillion GDP, said Union minister Anurag Thakur.
Out of the 5.65 crore ITRs filed so far, 3.61 crore have been verified.
A fresh set of tariffs are set to be imposed on Chinese products from September 1.
To a question about GST reduction, FM said she was willing to hear everybody, "but it is not in my hands as it has to go to the GST council.
India currently imposes a 40 per cent import tax on crude palm oil and 50 per cent on refined palm oils.