In Last 4 Years, No Of ‘Crorepati’ Taxpayers Increased By Over 60%: IT Dept
On Monday, the Central Board of Direct Taxes revealed in a report that the number of ‘crorepati’ taxpayers has reached over 1.40 lakhs in the last four years, attributing the Modi government for prompting more high-earning citizens to file their income tax returns.
As per PTI reports, CBDT chairman Sushil Chandra remarked that these numbers reflected the ‘legislative, informative and enforcement efforts’ put forward by the tax department from 2014 onwards.
The key statistics
While releasing the key statistics today in New Delhi about income tax and direct taxes, CBDT authorities claimed, “While 88,649 taxpayers had disclosed income above Rs 1 crore in the assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent.” The numbers comprise individuals, Hindu undivided families and corporate firms.
According to the statistics, individual taxpayers with an annual income of over Rs 1 crore has risen in number from 48,416 to 81,344 in four years. The earlier assessment was conducted in 2014 – 2015 and the latest statistics have emerged as per 2017 – 2018 data.
Lauding the effective initiatives by the tax department, CBDT added that the last four financial years saw a growth of over 80 per cent in the number of returns filed. In 2013 – 14, during the final year of the UPA-II regime, there existed 3.79 crore taxpayers whereas at present the number stands at 6.85 crores.
Highest direct tax-GDP ratio in 2017 – 2018
Reportedly, FY 2017 – 2018 has been the best year in the decade with regards to the filing of income tax returns, as evident from the ratio between direct taxes and GDP. The ratio stood at 5.98%, which is the highest percentage of direct taxes ever recorded in the Gross Domestic Product.
IT Dept releases direct tax statistics for Financial Year 2017-18.Ratio of 5.98% in FY 2017-18 is best Direct Tax-GDP ratio in last 10 yrs.Growth of more than 80% in no of returns filed in last 4 financial yrs from 3.79 cr FY13-14 to6.85 cr in FY17-18:CBDT chairman Sushil Chandra pic.twitter.com/u1zMX8ceQ6
— ANI (@ANI) October 22, 2018