In India, there were 30,567 salaried people in the tax assessment year 2015-16 who had declared to have salaries more than 1 crore, the income tax data showed.
In India, there were 30,567 salaried people in the tax assessment year 2015-16 who had declared to have salaries more than 1 crore, the income tax data showed. Of the total number, about 29,000 people had salaries between 1 crore and 5 crores, with an average annual salary of 1.77 crore per annum, while only 5 people declared their income to be 100 crore per annum.
The Central Board of Direct Taxes(CBDT) on Wednesday released data relating to the distribution of income and tax payable in respect of returns filed for the Assessment Year 2015-16. The data showed that more than 30,000 salaries Indians declared their annual returns to be more than 1 crore, of which 1,228 people belonged to Rs 5 crore and 10 crore group, 346 belonged to 10 crore and 25 crore group, 58 belonged to 25 crore and 50 crore group, and 11 belonged to 50 crore and 100 crore group.
India follows a progressive tax system, in which an income below 2.5 lakh per annum was exempted from any tax, 10% tax rate was levied between 2.5 and 5 lakh income, 20% was levied between 5 and 10 lakh income, and 30% was levied on income above 10 lakh in that year. Under 2.5 lakh annual salary income, there were 2.77 crore people. A total of 4.36 crore salary earners filed their I-T returns in the assessment year 2015-16.
When the government released the data for the assessment year 2012-13, it was found that 5,430 individuals paid income tax of over Rs 1 crore. Out of this, the tax range was Rs 1-5 crore for more than 5,000 individuals, resulting in a total outgo of Rs 8,907 crore. Only three individuals in the top-bracket of Rs 100-500 crore paid a total tax of Rs 437 crore — resulting in an average tax outgo of Rs 145.80 crore. Nearly 2.87 crore salary earners filed their I-T returns in the assessment year 2012-13.