Only 14 lakh income tax assesses in highest bracket in 2012-13
Posted on: 19/Aug/2016 4:08:46 PM
The Income Tax Return Statistics for Assessment Year 2012-13 says that only 14 lakh individuals out of the 2.89 crore assessees in the country declared an annual income of over Rs 10 lakh, attracting the highest tax bracket of 30 per cent, in assessment year 2012-13. The report says that 14 lakh people or just 4.6 per cent of the total assessees paid taxes in the highest 30 per cent tax bracket. There are 2.89 crore assessees in the country.
Speaking about this, a senior official in the Revenue department said, These 14 lakh people accounted for 75 per cent 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. The analysis further revealed that of 2.89 crore taxpayers who filed returns, 1.63 crore, about 56.4 per cent, did not pay taxes and 0.84 crore assesses, about 29.3 per cent, were in the 10 per cent tax bracket. Taken together, these two segments constitute more than 85.5 per cent of the individual tax base.
The data showed there were 2,669 taxpayers with an income exceeding Rs 5 crore, accounting for 9.6 per cent of taxes collected. The data also showed there were 1.51 crore individuals whose tax was deducted at source, but did not file returns. Had they filed, the number of tax payers filing returns could have gone up to 4.4 crore in 2012-13.
