Income Tax

Here are 10 important revelations derived from the data released by the country's Income Tax Department:

"1. The number of tax payers has increased by 25 percent since fiscal 2011-2012, the year 2014-15 saw a rise to 5 crore tax payers from 4 crore registered income tax payers three years ago

2. Despite the growth in number of income tax payers, the growth rate in the income tax has shown a steady fall. The growth rate registered in 2010-11 was 18 percent, which is almost three times the growth rate recorded in 2014-15 i.e. 6.7 percent.

3. The direct tax collected in 2015-16 amounted to Rs 7.42 lakh crore in comparison to Rs 4.46 lakh crore collected in 2010-11

 

4. Only one percent of the total Indian population paid tax for assessment year 2012-13, but 5,430 individuals paid more than Rs 1 crore as direct tax.

5. The three individuals in the top-bracket of Rs 100-500 crore paid a total tax of Rs 437 crore, which raises the average tax outgo to Rs 145.80 crore

6. A total of 17,515 individuals registered a salary range of Rs 1-5 crore, whereas only six individuals fell in the high-end earning bracket of Rs 50-100 crore of salary income

7.  According to the data disclosed by the income tax department, around 1 lakh individuals, who filed return for 2011-12, showed nil income.

 

8. The report suggests that 4.28 lakh return filers had an income that was more than Rs 20 lakh in the year 2011-12.

9. In the same period, a total of Rs 3.89 lakh crore was accounted as direct tax. Around 66 percent of the amount ( Rs 2.56 crore) was sourced from 21,819 entities. These 21,819 entities accounted for only 0.07 percent of the total 311 lakh return filers

10. Maharashtra is credited with the highest collection of direct tax which also includes corporate tax. The state registered a total of Rs 2.77 lakh crore in taxes which was followed by Delhi that registered a total of Rs 91,274 crore. Delhi was followed by Karnataka, Tamil Nadu and Gujarat respectively."