CBDT chief Sushil Chandra said that number of taxpayers showing income above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent.
The Central Board of Direct Taxes (CBDT) informed that the number of taxpayers filing income tax returns grew by 80 per cent in the last four fiscal years. CBDT chairman Sushil Chandra said that the number of taxpayers grew from 3.79 crore in FY 2013-14 to 6.85 crore in FY 2017-18.
The CBDT chief said that number of taxpayers showing income above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent.
Chandra added that the Direct Tax-GDP ratio of 5.98 per cent in FY 2017-18 is the best in the last ten fiscal years.
“The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase.
“While 88,649 taxpayers had disclosed income above Rs 1 crore in the assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent,” the CBDT said.
Similarly, it said, the number of individual taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 per cent.
Last month, Chandra had expressed confidence in exceeding Rs 11.5 trillion direct tax collection target in current fiscal.
In 2018-19 budget, the government had projected a 14.3 per cent rise in direct tax collections to Rs 11.5 trillion.
Earlier this month, it was reported that the government is working on an ambitious policy proposal to “facilitate” honest and consistent taxpayers in availing a variety of public services and tax-related works on priority.