The Central Board of Direct Taxes (CBDT) has released a new report that the total number of taxpayers making above Rs. 1 crore annually has increased to more than 1.40 lakh in India during the last 4 year period. The facts showcase an overall increase of around 60% in 4 years. Rolling out key figures of income tax as well as direct taxes for around 4 years, the Central Board of Direct Taxes (CBDT) stated that the number of individual taxpayers earning more than Rs. 1 crore every year had witnessed an increase of around 68 per cent.
Increase in income during 4 year period
The policy-making body of the IT section said that the overall number of taxpayers comprising business houses, firms, Hindu undivided families amongst others showcasing an income surpassing Rs. 1 crore has recorded a sharp augmentation. Around 88,649 taxpayers had revealed proceeds above Rs. 1 crore during the assessment year 2014-15, whilst the figure for AY 2017-18 stood at 1,40,139, which is an increase of 60%.
In the same manner, it stated, the number of individual taxpayers disclosing income above Rs. 1 crore had augmented during the same period from 48,416 to 81,344, which translated into a growth of 68 per cent.
What CBDT Chairman said
Mr. Sushil Chandra, Central Board of Direct Taxes (CBDT) chairman stated that these facts were an outcome of putting in a number of legislative, informative and enforcement efforts by the tax section in the last four financial years. The details also added that an augmentation of more than 80 per cent got recorded in the number of returns lodged during the last 4 years — from 3.79 crores in 2013-14 to 6.85 crore in 2017-18.
Mr. Sushil added that the IT section has introduced several technology-enabled non-intrusive ways in order to check tax elusion and is dedicated to ” extend and expand” the tax base in the nation additionally. The newest CBDT facts also showcased that an increase of over 80% in the number of returns lodged during the last four fiscals — from 3.79 crores during 2013-14 to 6.85 crore during 2017-18.