Taxpayers account for just about 1% of India’s population

Taxpayers account for just about 1% of India’s population

Taxpayers account for just about one per cent of India’s population, as per the latest data disclosed by the government for assessment year 2012-13. The data has been made public as part of a transparency drive.

A total of 2 crore 87 lakhs individuals filed the Income Tax Returns for 20112-13, but one crore 62 lakhs of them did not pay any tax. It left the number of taxpayers at just about 1 crore 25 lakhs.

The tax outgo was less than one lakh 50 thousand for a vast majority of nearly 89 per cent taxpayers. The three individuals in the top-bracket of 100 to 500 crore paid a total tax of 437 crore rupees.

As many as 5,430 individuals paid income tax of over one crore rupees. As per the overall data, total income tax collections rose nine-fold to 2.86 lakh crore rupees in 2015-16, from 31,764 crore rupees in 2000-01.

Source: www.newsonair.com