Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: articles on VAT and GST in India :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: TDS :: VAT RATES :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal

58 firms contributed one-fourth of total direct taxes in FY12
August, 20th 2016

The income tax department has released a detailed disclosure of receipts from the various classes of taxpayers at different income levels

Just 58 corporate taxpayers contributed one-fourth of the Rs.3.57 trillion in direct taxes that the government collected from those who have filed tax returns for fiscal 2012, the Income Tax Department said on Friday.

If the actual receipts of Rs.4.9 trillion from corporate tax, personal income tax and wealth tax stated in budget documents, including receipts from the 15 million individual taxpayers who have not filed returns, are considered, the contribution of the top 58 companies comes to about 18%.

The tax department’s detailed disclosure of receipts from the various classes of taxpayers at different income levels is seen as an answer to French economist Thomas Piketty’s calls for making available detailed figures, which will help in better policymaking.

Piketty had expressed concerns about what he called the lack of transparency in tax data.

As per the updated version of “Income Tax Return Statistics: Assessment Year 2012-13”, salaried people in the lowest bracket, with a gross income of up to Rs.1.5 lakh a year, had better average income than other classes of taxpayers in that range such as partnerships and companies.

About three million individuals in this range had an average income of Rs.85,000 a year.

Partnerships reported average incomes of Rs.40,000 and companies Rs.42,000 in this class.

However, at the highest end of gross income of more than Rs.500 crore, three individuals reported an average of Rs.639 crore, three partnership firms an average of Rs.980 crore and 185 companies a gross average income of Rs.2,425 crore.

According to Amarpal Chadha, tax partner, EY, 94% of taxpayers have a gross total income below Rs.10 lakh.

Some 100,000 taxpayers reported average long-term capital gains of Rs.56,000 from the sale of property, while nine assessees, who made most gains from such transactions, reported an average earning of Rs.3,485 crore.

The data also showed that 400,000 taxpayers had made an average of Rs.26,000 in 2011-12 from the sale of shares, mutual funds and property, while one taxpayer reported the highest gains in this class at Rs.1,056 crore.

Rental income also made 1.55 million people richer by an average of Rs.60,000 in the year, while one taxpayer received Rs.313 crore by way of rent.

The data does not reflect the actual number of taxpayers with income up to Rs.5 lakh a year because they were exempt from filing returns then.

“This exemption, which was available for assessment years 2011-12 and 2012-13, was discontinued from assessment year 2013-14 perhaps in order to ensure the relevant taxpayers continue to file returns and remain within the system, in line with the government’s overall objective of broadening the tax base,” said Alok Agarwal, senior director, Deloitte Haskins and Sells LLP.

The government now is implementing a major direct tax reform of phasing out all corporate tax exemptions and gradually lowering the corporate tax rate from 30% to 25% over three-four years.

According to Rajesh H. Gandhi, partner, Deloitte Haskins and Sells, the impact of phasing out corporate tax exemptions and simultaneously lowering the tax rate to 25% depends on which incentives are prone to revenue leakage, how receipts improve after these are removed and how an overall reduction in the rate affects revenue collections.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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