Deepak Shenoy has a post on the tax number of tax payers in India earning above 20Lakhs being only 408000 (the report says 406000). He links a standing committee report on the Direct Tax Code Bill, 2010. This report has some more interesting numbers. (See page no. 39)
Tax collection numbers
Tax collection numbers
- Rs.1,48,073 crore: Expected income tax collection for 2011-12
- Rs 93,229 crore: ie. 63% tax contributed by tax payers earning over 20 lakhs per year.
Tax payer numbers
- 32.4 mn : Total number of tax payers. ie. a measly 2.66 % of the population pays income tax. Compare this to the US where this number is around 25% or even more.
- 0.406 mn : i.e. 1.3 % of tax payers earning over 20 lakhs. Out of 1.2+ billion people. This number seems too low. Two posibilities.. we are very poor and we also have a lot of black money.
- 28.84 mn : i.e. 89% of tax payers earn < 5 lakh a month and pay 10.1% of total income tax. The committee recommends relying on self compliance for this group of people and exemption from filing returns so that the IT dept can concentrate on higher value targets :-)
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