New Delhi According to the CBDT(Central Board of Direct Taxes), over 81,000 Indians earned in excess of Rs 1 crore a year in 2016-17, a report released by the tax department. However, this increase is in large from around 46,000 in 2013-14 respectively and Income tax’s data also showed that the Income of all categories of Indian taxpayers increased by 67% in the last four years.
“While 88,649 taxpayers had disclosed income above Rs 1 crore in the assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 percent.” –CBDT
Previous year’s record on the tax filing by people stated that the number of tax returns increased from 37.9 million in 2013-14 to 68.5 million in 2017-18, which also includes the country’s sudden invalidation of high-value currency notes in November 2016.
The income tax department stated that India’s income tax buoyancy and direct tax to gross domestic product (GDP) ratio both outstretch the levels they have not seen in the past decade in 2017-18. According to the Income tax’s official this is a reflection of the “widening and deepening” of the tax base but interestingly some experts aren’t sure this is the case.
Researched by The Capital Post team found that direct tax to GDP (Gross Domestic Product) under the Income tax’s department ratio grew every year in the three years to 2017-18, touching a decade’s high of 5.98% in 2017-18 and the number of returns filed by taxpayers has also increased by 65% from 33.1 million in 2013-14 to 54.4 million in 2017-18.
An interesting fact also released by Central Board of Direct Taxes (CBDT) body Income Tax Department that the number of taxpayers earning above Rs 1 crore per annum has spring up to over 1.40 lakh in the country in the last four years and portray growth of about 60 percent.
The data also showed that a growth of more than 80 percent was registered in the number of returns filed in the last four financial years — from 3.79 crores in 2013-14 to 6.85 crore in 2017-18.