Taxpayers declaring income over ₹1 crore up 60% in 3 years
The number of salaried taxpayers increased 37% to 2.33 crore in the three years ending 2016-17. At the same time, the average income declared by salaried taxpayers increased by 19% to ₹6.84 lakh.
New Delhi: More than 1.4 lakh taxpayers declared income of more than ₹ 1 crore in their tax returns for the year 2016-17, a rise of over 60% from 2013-14. Of these, individual taxpayers reporting income of over ₹ 1 crore increased by 68% to 81,344 in these three years, data released by the income tax department showed.
The National Democratic Alliance (NDA) has attributed the exercise of demonetization conducted in November-December 2016 as well as the implementation of the goods and services tax as the reasons for the improved compliance. To be sure, since the GST was implemented only in July 2017, the improvement in compliance could be attributed to demonetization and to stricter laws to tackle black money.
Data released by the tax department also shows better compliance among salaried taxpayers vis-a-vis non-salaried taxpayers.
The number of salaried taxpayers increased 37% to 2.33 crore in the three years ending 2016-17. At the same time, the average income declared by salaried taxpayers increased by 19% to ₹ 6.84 lakh.
In contrast, the number of non-salaried tax payers increased by 19% to 2.33 crore while the average declared income increased by 27% to ₹ 5.23 lakh.
Overall, till 2016-17, the gross total income declared was ₹ 44.99 trillion, rising more than 67%.NextMAds
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First Published:22 Oct 2018, 04:01 PM IST
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