On 30th April 2016, Government of India released the date on Income tax payers of India. The date says that there are just over Rs. 1 million income taxes assess in India declaring income in excess of Rs 1 Million a year.
According to data released by the Indian government, there were less than 20,000 assesses in 2012-13 declaring income in excess of a Rs. 10 million a year. The number of effective assesses has increased to Rs. 51 million in assessment year FY15, from Rs. 43 million in 2011-12. Direct taxes made up over 35% of the total taxes in 2000-01, and the ratio rose to over 50% in 2015-16. Of the total returns filed in the year, maximum 2 million were in the tax bracket Rs. 0.5 to 0.9 million income.
The Income Tax Department released Time Series Data for Financial years 2000-02 to 2014-15, to encourage wider use and analysis.
The Indian PM Modi has also hailed the decision as ‘landmark’ decision to publish income tax data, as considered big step towards transparency and informed policy making.