Published On: Tue, Jan 24th, 2017

Single Individual owed 11% of the Total Income Tax Owed by All Indian’s in 2014-15

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21870 crore roughly $ 3 billion is what 1 individual alone owed the Indian Income Tax department a new data has revealed. That’s equivalent to 11% of the total Income tax paid by all the Indians in the financial year 2014-15. The identity of the person has not been known.

The data also showed that three taxpayers declared incomes of over Rs 500 crore while two persons reported long-term capital gains of over 500 crore for the assessment year 2013-2014.

For assessment year 2014-2015, over 36 million Indians declared individual salary income of 9.8 lakh crore, business income of over 5.6 lakh crore and income from other sources of 2.4 lakh crore. The data further revealed that there were 64 taxpayers during the period with tax liability of over 500 crore and the total tax payable was 113,068 crore.

IT returns up by 9 times between 2000 to 2015

According to an Oxfam report, in 2014-15, over 36 million Indians declared a salary income of nearly ₹9.8 lakh crore ($144 billion), followed by business income of ₹5.6 lakh crore ($82 billion). Income from other sources during the period stood at ₹2.4 lakh crore ($35 billion), the report states.

Although the total income-tax collection amount went up to ₹2.86 lakh crore in 2015-16, only 5,430 individuals paid income tax of over ₹1 crore last year. the collection of income tax (including securities transaction tax) went up nine times to 2.9 lakh crore in 2015-2016, compared to 31,764 crore in 2000-2001.

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