For financial year 2012-13 (later years data not yet available), only 2.9 crore out of 120+ crore file income taxes, and only 1.25 crore pay any income taxes. The average tax payable was 21,000. And there were more than 5,000 individual income tax returns with tax payable of more than 1 crore. Detailed data without names has been published by the IT Department for the first time in over 15 years.
- 3 May 2016
Today, only 4% of voters are income tax payers and only 5.5% of earners pay any income tax. Also, only 15% of income is being reported, meaning 85% of income is not being reported or exempted from income tax as it is for farming income. So, if India has to advance and progress, this has to chance as it is for developed countries.
Source: The Hindu
- 29 Feb 2016