Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
Direct Tax »
 CBDT denies data inconsistency over new taxpayers after note ban
 No inconsistency in number of tax payers: CBDT
 India will benefit from growing tax revenue in FY2018
 I-T plans to pursue property-holders who have never filed income tax returns
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?
 Five Questions for Republican Tax Reformers
 CBDT signs nine UAPAs with Indian taxpayers
 Made a mistake in your tax return? Here's how to correct it
 6 ways to verify your income tax return
 Businesses can file returns, pay taxes for July on GSTN portal

Only 1 Per Cent Indians Pay Income Tax, Shows Government Data
May, 02nd 2016

Taxpayers account for just about one per cent of India's population, but tax outgo was over Rs. 1 crore for as many as 5,430 individuals, as per the latest data disclosed by the government for assessment year 2012-13.

As part of a transparency drive, the government has made public direct tax data for last 15 years. Data for individuals has been published only for 2012-13 assessment year, which shows taxes for income in financial year ended March 31, 2012.

A total of 2.87 crore individuals filed income tax returns for that year, but 1.62 crore of them did not pay any tax -- leaving the number of taxpayers at just about 1.25 crore which was close to one per cent of the country's total population of about 123 crore at that time.

The tax outgo was less than Rs. 1.5 lakh for a vast majority of nearly 89 per cent taxpayers (over 1.11 crore). Their average tax payable was just about Rs. 21,000, while the collective amount stood at over Rs. 23,000 crore.

The three individuals in the top-bracket of Rs. 100-500 crore paid a total tax of Rs. 437 crore -- resulting in an average tax outgo of Rs. 145.80 crore.

As many as 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.

As per the overall data, total income tax collections rose nine-fold to Rs. 2.86 lakh crore in 2015-16, from Rs. 31,764 crore in 2000-01.

The data further said that the bulk of individuals who filed returns for the assessment year 2012-13 earned an annual salary between Rs. 5.5 lakh and Rs. 9.5 lakh.

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.

Further 19.18 lakh individuals earned salary of Rs. 2.5-3.5 lakh that year.

Six 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.

Nearly 2.87 crore salary earners filed their I-T returns in assessment year 2012-13.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions