Income Tax Department has released some interesting numbers, which showcases the depth and intensity of black money in India. After understanding these numbers, it is clear that PM Modi’s harsh, sudden demonetization drive was indeed needed desperately in our country.
Sample this: As per Income Tax Department, there exists only 24 lakh Indians with income of more than Rs 10 lakh per year; but surprisingly, 25 lakh cars were sold every year since 2011 in India, which means 1.25 crore cars bought by Indians.
If we assume one car was bought by one person, this translates into 1.25 crore Indians who have bought a car, but only 24 lakh Indians who have declared their wealth as more than Rs 10 lakh. We havent yet included the 35,000 luxury cars costing more than Rs 25 lakh which were bought in the same period.
A classic case of black money hoarding and Income Tax joomla.
Some more interesting numbers:
– In the financial year 2014-15, out of 125 crore Indians, only 3.65 crore citizens filed their Income Tax returns, which means that only 2.92% of Indians are paying taxes to the Govt. We can very well imagine the state of black money in India.
– Out of 3.65 crore tax paying Indians, only 5.5 lakh citizens declared income of more than Rs 5 lakh, which constituted 57% of the overall tax collected.
– Thus, 1.5% of all tax payers are contributing to 57% of the total Income Tax generated in India. This shows the income disparity among tax paying Indians. And a lot about honesty as well.
– Only 48,417 people filed income of more than Rs 1 crore, despite the fact that luxury cars from BMW, Jaguar, Audi etc reported 35,000 units of sales in last year itself.
– 1.47 lakh Indians reported their income to be more than Rs 50 lakh per year, while there are 5.32 lakh Indians with income less than Rs 2 lakh per year. Another instance of massive disparity in income.
And, we can very well see the difference this makes in the overall financial health of our nation: While tax as a source of revenue counts for 30.3% of overall GDP in Japan, 25.4% in USA, in India, it is only 16.7%.
Recently, Directorate of Central Board of Direct Taxes (CBDT) revealed that they have listed 67.54 lakh non-taxpayers, against whom IT Dept. will soon initiate action, This information has been shared with Annual Information Return (AIR), Central Information Branch (CIB) and TDS/TCS databases.
- Income Tax Dept Will Mine Facebook, Twitter Data To Nab Tax Evaders Via Project Insight!
- Only 4% Indians Paid Tax Last Year; 13 Surprising Details Taxes Paid By Indians!
- Income Tax Slab May Increase From Rs 2.5 Lakh to Rs 4 Lakh; But Govt Denies This Update!