GoI data makes striking revelation; only 1% of India's population pay taxes

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New Delhi, May 2: In a striking revelation, the GoI has revealed that only one percent of India's population pays income tax, but the number of effective I-T assesses has risen to approximately 5.17 crores in the year 2014-2015. In 2012-2013, the I-T assesses was 4.72 crores.

A total of 2.87 crore individuals filed I-T returns for assessment year 2012-2013, but 1.62 crore of them did not pay any tax. Thus, the number of tax payers were just 1.25 crores.

Income Tax

Over 5,430 individuals paid an income tax of over Rs 15,000 individuals, resulting a total of INR 8,907 crore.

As a result of this, the total income tax collections rose nine-fold to INR 2.86 lakh crore in 2015-2016, from INR 31,764 crore in 2000-2001. The data also showed that the bukk of individuals who filed I-T returns earned between INR 5.5 lakh and INR 9.5 lakh.

The figures showed that around half of the I-T Returns filed in the income tax department did not have any tax payable in 2011-2012.

Of the 30 states (including Delhi and Telangana), 14 posted a fall in the direct tax collection of 2014-201, according to the same data.

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