One taxpayer owed the government Rs 21,870 crore for the assessment year 2014-2015, the latest Income Tax Department data has revealed. This amounts to 11% of the total income to be paid by all Indians, IndiaSpend reported on Tuesday. However, the identity of the person has not been made public.
The data also showed that three taxpayers declared incomes of over Rs 500 crore while two persons reported long-term capital gains of over Rs 500 crore for the assessment year 2013-2014.
For assessment year 2014-2015, over 36 million Indians declared individual salary income of Rs 9.8 lakh crore, business income of over Rs 5.6 lakh crore and income from other sources of Rs 2.4 lakh crore. The data further revealed that there were 64 taxpayers during the period with tax liability of over Rs 500 crore and the total tax payable was Rs 113,068 crore.
It states that the collection of income tax (including securities transaction tax) went up nine times to Rs 2.9 lakh crore in 2015-2016, compared to Rs 31,764 crore in 2000-2001.
Recently, a data published by think tank Oxfam India suggested that the richest 1% of the country own 58% of India’s wealth, and 57 billionaires possess the same wealth as the bottom 70% of India.