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Only 4% Indians filed tax returns in 2015-16

In 2012-13, there were less than 20,000 assesses declaring income in excess of a Rs 1 crore a year

Policy Pulse
Publish Date: Apr 30 2016 12:17PM | Updated Date: Apr 30 2016 12:17PM

Only 4% Indians filed tax returns in 2015-16

 A government data has shown that there are just over 10 lakh income tax assesses declaring income in excess of Rs 10 lakh a year in the country.

 
In 2012-13, there were less than 20,000 assesses declaring income in excess of a Rs 1 crore a year.
 
Of 3.1 crore returns filed in the year, At least 20 lakh were in tax bracket Rs 5.5-9.5 lakh.
 
Income Tax Department has released Time Series Data for Financial Year 2000-01 to 2014-15 to for  wider use and analysis. 
 
Number of effective measures has increased to 5.17 crore in assessment year FY15, 4.36 crore in 2011-12. 
 
Share of direct taxes to GDP touched a high of 6.3 
 
Direct taxes made up for 36.31 percent of overall taxes in 2000-01 and the ratio has risen to 51 percent in 2015-16.