68 % growth in number of indivudual taxpayers showing income over Rs 1 cr : CBDT

Speed Post News Network

New Delhi : The total number of taxpayers including corporates, firms, HUFs, etc. showing income of above Rs 1 crore registered sharp increase over last three years. While 88,649 taxpayers disclosed income above Rs. 1 crore in Assessment Year (AY) 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%). Similarly, the number of individual taxpayers disclosing income above Rs. 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68%.

The average tax paid by corporate taxpayers has increased from Rs.32.28 lakh in AY 2014-15 to Rs.49.95 lakh in AY 2017-18 (growth of 55%). There is also an increase of 26% in the average tax paid by individual taxpayers from Rs.46,377 in AY 2014-15 to Rs.58,576 in AY 2017-18.

During the three-year period under reference, the number of salaried taxpayers has increased from 1.70 crore for AY 2014-15 to 2.33 crore for AY 2017-18 (up by 37%). The average income declared by the salaried taxpayers has gone up by 19% from Rs.5.76 lakh to Rs.6.84 lakh.

During the same period, there has also been a growth of 19% in the number of non-salaried individual taxpayers from 1.95 crore to 2.33 crore and the average non-salary income declared has increased by 27% from Rs 4.11 lakh in AY 2014-15 to Rs 5.23 lakh in AY 2017-18.

Continuing the practice of placing key statistics relating to direct tax (DT) collections and administration in public domain, the Central Board of Direct Taxes (CBDT) has released time-series data as updated up to FY 2017-18 and income-distribution data for AY 2016-17 and AY 2017-18.

There has been a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98% in FY 2017-18 is the best DT-GDP ratio in last 10 years, according to a PIB release.There is a growth of more than 80% in the number of returns filed in the last four financial years from 3.79 crore in FY 2013-14 (base year) to 6.85 crore in FY 2017-18.The number of persons filing return of income has also increased by about 65% during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18.