The number of crorepati taxpayers shot up 20% to 97,689 during assessment year (AY) 2018-19, as per tax returns data released by the revenue department. The number of such individuals having taxable income of over Rs 1 crore stood at 81,344 during AY 2017-18. The Central Board of Direct Taxes (CBDT) today released time-series data updated up to the fiscal year 2018-19 and income-distribution data for AY 2018-19 (fiscal year 2017-18).
Finance Minister Nirmala Sitharaman had said in September, “Lower tax rates are expected to widen (the taxpayer) basket. So, we will definitely be having a positive impact on revenue collections.”
“After the reduction in rates, India’s corporate tax rates are probably one of the lowest and at par with the lowest in Southeast Asian countries. The new tax rates are going to attract investments and encourage existing companies to invest more,” the finance minister had said.
The CBDT data includes income-distribution information of corporate, firms, Hindu Undivided Families (HUFs) and individuals.
If all taxpayers are included, the number of those with a taxable income of more than Rs 1 crore per annum rises to about 1.67 lakh, a 19% rise over AY 2017-18, says the CBDT report.
In all, more than 5.87 crore income tax returns were filed as per the statistics generated from e-filed returns (digitally signed, e-verified or where ITRV has been received) submitted up to 15 August 2019.
The CBDT data revealed that over 5.52 crore individuals, 11.3 lakh HUFs, 12.69 lakh firms and 8.41 lakh companies were among those who filed returns.
“Total tax collection till date is Rs 5.5 lakh crore compared to Rs 5.25 lakh crore in the same period last year. Net tax collection is around Rs 4.5 lakh crore as compared to Rs 4.25 lakh crore as of date,” a senior tax official had said last month.
However, as against a steep 17.5% higher tax collection budgeted for the full year, the government could mop-up only 4.7% more so far this year, with the direct tax kitty growing to Rs 5.50 trillion as of 17 September, up from Rs 5.25 trillion a year ago.