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