Income Tax Department has now released some interesting data summarising tax returns for AY 12-13 . We now know that 1.21 crore assessees paying less than Rs. 1.5 lakhs in income tax contributed a mere 6.7% of total Income Tax collection. Meanwhile, 13,689 Companies paying tax above Rs 1 crores accounted for 59% of total income tax collection. This datapoint alone should be sufficient to re-evaluate our whole approach to taxation.
Some more details from analysing the data:
Only 6 assessees reported salary income above Rs. 50 crores in AY 12-13. Analytical chart has 2 more rows after 50-100 crore slab, salary income Rs 100-500 crores, and > 500 crores. Both rows are empty.
205 assessees with business income exceeding Rs 500 crores.
11 assessees with Long Term Capital Gains above Rs 500 crores.
Short term Capital gains are negative in aggregate. Total Gains 19,483 crores. Total Losses 30,041 crores. Net 10,558 crores loss.
1705 assessees with Short term cap gains above Rs 1 crores. 1 assessee above Rs 500 crores.
9 assessees with income above Rs 500 crores under the head 'Income from Other Sources'. These 9 assessees earned Rs 9527 as inc from other sources.
5 assessees earned above Rs 500 crores in interest, aggregating Rs 4898 crores bewteen themselves.
Assessees adjusted past losses of Rs. 67,963 crores from current income with top 10 setting off Rs. 10,158 crores of Brought forward losses.
73296 assessees reported income above Rs 1 crores.
198 reported income above Rs 500 crores, aggregating 4,29,920 crores in returned income.
63 assessees paid TAX above Rs 500 crores. They paid Rs. 93,582 crores in total, or 24% of total.
1,21,62,239 assessees paid less than Rs. 1.5 lakhs in income tax in AY 12-13. Their total contribution was 6.7% of total Inc Tax collection.
3,65,278 HUFs paid a mere Rs. 2089 cr in aggregate. Balance 4,75,437 paid no tax.
13,689 Companies paying tax above Rs 1 crores accounted for 59% of total income tax collection.
Boy! this data is great for mining.
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