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Published on 23/10/2018 10:09:52 AM | Source: IANS

68% rise in crorepatis since 2014, tax returns up 80%: CBDT

Posted in Top Stories| #Industry #Central Board of Direct Taxes

The number of individual taxpayers with income above Rs 1 crore has gone up by 68 per cent in the last four financial years, the Income Tax Department said on Monday.

The Central Board of Direct Taxes (CBDT) said that during the same period, the number of assessees filing income tax returns has grown by 80 per cent. 

"The number of individual taxpayers disclosing income above Rs 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68 per cent," a CBDT statement said.

"While 88,649 taxpayers (corporates, firms, Hindu undivided families among others) had disclosed income above Rs 1 crore in assessment year (AY) 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent." 

The tax authorities said there has been a sharp increase of more than 80 per cent in the number of returns filed in the last four fiscals.

"There is a growth of more than 80 per cent in the number of returns filed in the last four financial years from 3.79 crore in 2013-14 (base year) to 6.85 crore in 2017-18," the statement said.

The CBDT also said the average income of salaried, non-salaried and corporate taxpayers has risen over the last three years.

"During a three-year period, the number of salaried taxpayers has increased from 1.70 crore (AY 2014-15) to 2.33 crore (AY 2017-18). This is a rise of 37 per cent. Also, the average income declared by the salaried taxpayers has gone up by 19 per cent from Rs 5.76 lakh to Rs 6.84 lakh," it said.

There has also been a growth of 19 per cent in the number of non-salaried individual taxpayers during the same period, from 1.95 crore to 2.33 crore, and the average non-salary income declared has increased by 27 per cent from Rs 4.11 lakh to Rs 5.23 lakh, it said.

About the corporate taxpayers, it said the average tax paid by this category of assessees "has increased from Rs 32.28 lakh in AY 2014-15 to Rs 49.95 lakh in AY 2017-18, which is a growth of 55 per cent.

"The average tax paid by corporate taxpayers has increased from Rs 32.28 lakh in AY 2014-15 to Rs 49.95 lakh in AY 2017-18 (growth of 55 per cent)," it added.

CBDT Chairman Sushil Chandra said that the Direct Tax-GDP ratio of 5.98 per cent achieved in the last fiscal is the best in the last ten years.

He also said while the department will ensure that the honest taxpayer is facilitated, strict legal action will be taken against tax evaders.

"We are using a lot of data analytics and non-intrusive ways to check tax evasion. The department is committed to bringing more and more of ease and transparency for the taxpayers while dealing with the department," Chandra said.

According to CBDT, the number of persons filing tax returns has also increased by about 65 per cent, from 3.31 crore in 2013-14 to 5.44 crore in 2017-18.