Income tax return data of the financial year shared by the finance ministry also show only 6 people had salaried income between Rs 50 crore and Rs 100 crore in the year.
The Income tax department probably for the first time in the history has shared elaborate income tax payment data that shows an interesting profile of the taxpayers in the country.
While the total number of income tax assesses in all categories has been 5.17 crore in the assessment year 2014-15 (FY14) that includes those paying TDS but not filing returns.
Among the noticeable features in the returns filed by the salaried class in assessment year 2012-13 (FY12) [page 6], for which the comprehensive data has been released, nobody in India had salary income over Rs 100 crore, and only 6 people had filed I-T return with salaried income between Rs 50 crore to Rs 100 crore in the year.
Around 20.24 lakh people showed salary income between Rs 5.5-9.5 lakh and the average income in this segment was Rs 6.94 lakh. Interestingly, over 1.95 crore salaried class people, out of a total of 3.12 crore, had no taxable income.
In case of income from house property, only 2 people have filed their returns showing income of more than Rs 100 crore, and 64 had income from long term capital gains while just 15 had short term capital gains in this category.
As far as income from interest is concerned, 42 people filed returns showing income of more than Rs 100 crore in FY12, and 55 had income from other sources of above Rs 100 crore.
Among the companies that filed returns in FY12, 604 reported income of over Rs 100 crore and 192 showed income of more than Rs 500 crore, while the total number of returns filed was 6.35 lakh. In the interest income, 41 companies filed returns with over Rs 100 crore income and the interest earned was Rs 7240 crore – 5 companies reported interest income of over Rs 500 crore.
Check the table below:
Considering that the income tax department has been reluctant to share the details of income tax filing in the past, this is certainly a welcome exercise which clearly endorses the point that it is the high income brackets in both the individual as well as the corporate taxpayers that are contributing the majority of the tax collected.