Only 1% Of Indians File Income Tax Returns; Here Are Some Hard Facts

Posted By:
Subscribe to GoodReturns

It's always known that very few Indians file their Income tax and even fewer pay tax on the returns filed. The Income Tax department has been trying its best to expand the tax base and has been trying to get more and more individuals into the tax net.

Here are some interesting statistics taken from a recently filed PTI report.

1% of India's population files returns

The number of effective income tax assessees has risen to nearly 5.17 crore in 2014-15, from 4.72 crore in 2012-13, a year in which only 1% of India's population filed I-T returns.

Very few individuals pay tax of over Rs 1 crore

Only a small amount of 5,430 individuals paid income tax of over Rs 1 crore. Out of this, the tax range was Rs 1-5 crore for more than 5,000 individuals, resulting in a total outgo of Rs 8,907 crore.

Only 6 individuals in the high-end salary tax bracket

Only 6 individuals fell in the high-end earning bracket of Rs 50-100 crore of salary income. In the salary range of Rs 1-5 crore, there were as many as 17,515 individuals.

3 individuals in top tax bracket

There were only three individuals in the top-bracket of Rs 100-500 crore, who paid a total tax of Rs 437 crore -- resulting in an average tax outgo of Rs 145.80 crore.

4.72 crores effective assessees

Income Tax department had over 4.72 crore "effective assessees", including people who filed ITRs, and who paid TDS but did not filed returns, in 2012-13. However, individuals who filed return of income for tax paid accounted for 1% of population that year.

Significant number of Salary earners file tax returns.

Nearly 2.87 crore salary earners filed their I-T returns in assessment year 2012-13. So, a bulk of the total numbers filing tax returns comes from salary earners.

Large numbers in the 20 per cent tax bracket

Over 20.23 lakh taxpayers earned Rs 5.5-9.5 lakh, while their cumulative salary earnings stood at Rs 1.40 lakh crore in the financial year 2011-12

Read more about: income tax
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'


Get Latest News alerts from Goodreturns