Income Tax India: Statistics
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Arrears
2015: 17 people owe Rs 2.14 lakh crore
The Times of India, Aug 01 2015
Just 17 people owe massive Rs 2.14 lakh cr in tax arrears
Just 17 individuals have a whopping Rs 2.14 lakh crore as outstanding tax arrears, with each of them owing more than Rs 1,000 crore. This is more than double the amount of total tax dues worth Rs 90,568 crore outstanding against 35 companies in this category (with outstanding tax arrears of over Rs 1,000 crore each), the Parliament has been informed.
Together, these individuals and companies account for more than one-third of the overall direct tax arrears (including the demand not fallen due), which stood at Rs 8,27,680 crore as on April 1, 2015.
At the same time, the number of taxpayers owing over Rs 10 crore to the government rose by about 69% to 4,692 in three years to March, 2015.
These details have been disclosed in written replies to the Rajya Sabha by minister of state for finance Jayant Sinha, who also said that a large proportion of the large-size outstanding tax arrears may not be collectible due to various reasons. Sinha said action for recovery is being taken.
2011-12
The Times of India, Aug 20 2016
1.3L disclosed zero income in 2011-12
Over 35,600 individuals filed returns showing annual income of over Rs 1 crore with at least 1.3 lakh disclosing zero income during financial year 2011-12, data released by the government showed. Those reporting zero income in their returns were those who accounted for tax breaks against investments such as provident fund and public provident fund as well as home loans, which helped reduce the total income to under Rs 1.8 lakh, which was threshold for the levy of tax in the lowest bracket.
Another 36 lakh tax payers, or 12.5% of the 2.89 crore individuals who filed returns disclosed income of up to Rs 1.5 lakh, while over 37% were in the Rs 1.5-2 lakh range.
But the number which is under watch is those in the higher brackets as only 14 lakh or less than 5% of the entire taxpayer base was in the top bracket of 30%. But this segment paid nearly 75% of the total income tax. The government has initiated a number of steps to track those failing to disclose income.
2012-13
The Times of India, Aug 19 2016
Only 14L fell in 30% tax bracket in 2012-13
Only 14 lakh individuals out of 2.89 crore assessees declared an annual income of over Rs 10 lakh, attracting the highest tax bracket of 30%, in assessment year 2012-13. As per the Income Tax Return Statistics for Assessment Year 2012-13, 14 lakh people or just 4.6% of the total assessees paid taxes in the highest 30% tax bracket. These 14 lakh people accounted for 75% of the total personal income tax collection. “The data reveals very clearly that there is a need for widening and deepening of the tax net now,“ revenue secretary Hasmukh Adhia said.
The analysis revealed that of 2.89 crore taxpayers who filed returns, 1.63 crore (56.4%) did not pay taxes and 0.84 crore assessees (29.3%) were in the 10% tax bracket. These two segments constitute more than 85.5% of the individual tax base.
Collection of tax
2011: 2.77% Indians pay I Tax
Only 2.77% Indians pay income tax
The Times of India, Sep 1, 2011
Just 2.77% of India’s 1.21 billion people pay personal income tax, official data has revealed. “The number of effective tax payers as on March 31, 2011 was 3,35,79,831 (33.57 million),” minister of state for finance S S Palanimanickam said in a reply to a question in the Rajya Sabha on Tuesday.
This is just 2.77 % of over 121 crore or 1.21 billion population of the country. The amount of direct tax collection rose to Rs 446,070 crore in 2010-11 from Rs 378,063 crore the previous year, the minister said. IANS
Rates of income tax in India: 1995-2015
See the chart on this page
Tax exemption limits over the years
See graphic
Women’s income
Urban women
The Times of India, July 26, 2011
Samidha Sharma & Namrata Singh
Urban women’s average income doubles in 10yrs
Mumbai: Reinforcing the growing financial independence of women in India, a survey says the income level of urban Indian women has doubled in the last decade. This increase has also led to the average urban household income doubling, according to a study by market research firm IMRB. The urban Indian woman, who earned Rs 4,492 per month in 2001, took home Rs 9,457 as of 2010. The rise in income is directly reflected in the average monthly household income of urban India going up from Rs 8,242 to Rs 16,509 in 2010, says the survey. While this seems impressive, urban incomes seem to have gone up significantly less than those of the average Indian. According to official data, India’s per capita income rose from Rs 16,688 in 2000-01 to Rs 54,835 in 2010-11, a rise of 228%. The IMRB figures suggest urban incomes in the same period rose by 100% and incomes of urban women by 111%.
“We have aligned our strategy, communication and products to women. And with the growing aspirations and financial independence of women not only in urban India but in tier II and tier III cities, women are at the core of our business. The woman today is buying for herself and for her family,” said Kishore Biyani, founder, Future Group.
2001-10
Urban women’s avg income rose from 4,492/month in 2001 to 9,457 in 2010
Avg monthly household income of urban India rose from 8,242 to 16,509
No. of women doing household work dropped from 91% to 71%, says survey Women sourcing household work
As the income level of urban Indian women is rising fast, retail giant Future Group, which runs stores like Pantaloon and Big Bazaar, has seen the contribution of womenswear to overall sales more than double from 22% when it started operations to 55% at present.
What is significant in the survey is that with the woman’s personal income doubling, she is increasingly outsourcing household work. From 91% women saying they did household work themselves, the number has dropped to 71% in 2010, according to the survey. “With the average income of women and of urban households increasing over the years the propensity to spend has also gone up significantly. Although, there is a strong sense of deriving value for money out of all purchases made, the thought of putting all of the household income into savings is slowly diminishing,” said Ashish Karnad, group business director, IMRB International.
Brand experts say the changes over the last decade where more of the buying power is moving into the hands of woman has led to her influence in purchases even in categories predominantly of male consumption. “There remain very few areas of consumption in which the female does not increasingly participate today. Most household purchase decisions are either joint or exclusively female,” Tanya Dubash, ED, Godrej Industries.
Black Money Compliance Scheme
Valuer's report will not be questioned
The Times of India, Aug 19 2016 The valuation report from a registered valuer will not be questioned by the income tax department for disclosures made under the domestic black money compliance scheme, the CBDT clarified.
“The valuer is expected to furnish a true and correct valuation report in accordance with the accepted principles of valuation. In case of any misrepresentation, appropriate action as per law shall be taken against the registered valuer,“ said the fifth set of FAQs.
CBDT had received representations from stakeholders to provide an option to value the immovable property on the basis of the registered value.“After due consideration of the representations, the rules have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed, an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty value of property ,“ FAQs said.
See also
Income Tax India: Expert advice
Income Tax, India: Statistics: this page includes historical details of income tax rates and tax exemption limits over the years; how many Indians pay I Tax; how the income of women has risen over the years; the extent of tax arrears...
