IN INDIA – ONLY 1% PAY INCOME TAX, 99% DO NOT… THAT SHOULD CHANGE?
Photo courtesy: NDTV
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