The fact that Indians fight shy of paying taxes has come to the fore again with the Income Tax Department releasing its latest figures showing that there are only 1000-odd individuals in the country figuring in the Rs 5 to 10 crore income slab.
The number contrasts starkly with the annual sales of close to 35,000 luxury cars such as Mercedes Benz, BMW and Audi in the country.
The data released on Wednesday also shows of the 1.2 billion citizens only 4.07 crore filed tax returns in assessment year (AY) 2015-16. As many as 82 lakh of them figured in the zero to less than Rs 2.5 lakh slab on which no tax is levied.
The maximum number of 1.33 crore individuals was in the Rs 2.5-3.5 lakh income group which is the lowest tax bracket.
While the number of individuals with a declared annual income of over Rs 1 crore rose 23.5 per cent to 59,830 in the tax assessment year 2015-16, but although the number of ‘crorepatis’ went up their total income declined by Rs 50,889 crore as compared to the previous year, the figures reveal.
The income tax department released statistics for assessment year 2015-16 (financial year April 2014 to March 2015) showing that 59,830 individuals with gross total income of over Rs 1 crore had a cumulative income of Rs 1.54 lakh crore.
In the assessment year (AY) 2014-15, the ‘crorepati’ individuals or those with gross income of over Rs 1 crore (Rs 10 million) were 48,417 with a cumulative income of Rs 2.05 lakh crore.
In AY 2014-15, 3.65 crore filed tax returns with 1.37 crore showing zero or less than Rs 2.5 lakh income.
The combined income of all individual tax filers rose to Rs 21.27 lakh crore in AY 2015-16, from Rs 18.41 lakh crore in the previous assessment year.
There were as many as 55,331 individuals, with income between Rs 1 crore to Rs 5 crore while those with income between Rs 5 crore and Rs 10 croreindiwere 3,020.
A total of 1,156 individuals had income between Rs 10 crore and Rs 25 crore.
In AY 2015-16, only one person had income of over Rs 500 crore and his total income was Rs 721 crore.
In the previous year, there were seven individuals in that category with a cumulative income of Rs 85,183 crore.
The number of individuals in Rs 100-500 crore category rose to 31 (with cumulative income of Rs 4,175 crore), from 17 (with Rs 2,761 crore income) in AY 2014-15.
In all, 4.35 crore income tax returns, including those by individuals, were filed in AY 2015-16.
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