There are just over 10 lakh income tax assesses in India declaring income in excess of Rs 10 lakh a year, data released by the government showed. Am sure this data will be used by researchers and analysts and lead to enhanced insights for policy making on taxation,” he said.
RThere were less than 20,000 assesses in 2012-13 declaring income in excess of a Rs 1 crore a year. Of the 3.1 crore returns filed in the year, maximum 20 lakh were in the tax bracket Rs 5.5-9.5 lakh.
The Income Tax Department has released Time Series Data for Financial Year 2000-01 to 2014-15 to encourage wider use and analysis. Prime Minister Narendra Modi said it was a “landmark” decision to publish income tax data.
The number of effective assesses has increased to 5.17 crore in assessment year FY15, 4.36 crore in 2011-12. The number is based on income-tax returns plus number of cases where tax has been deducted at source.
Share of direct taxes to GDP touched a high of 6.3% in 2007-08 and has since declined to 5.47% in 2015-16. It was 3.25% in 2000-01. Maharashtra had the biggest share in direct taxes at RRs 2.77 lakh crore in 2014-15 when total collections were Rs 6.96 lakh crore. Delhi was second biggest contributor at Rs 91,248 crore followed by Karnataka. Direct taxes made up for 36.31% of the total taxes in 2000-01 and the ratio has risen to 51% in 2015-16.