Only 14 lakh individuals fell in 30% tax bracket in 2012-13

New Delhi, Aug 18 (PTI) Only 14 lakh individuals out ofthe 2.89 crore assessees in the country declared an annualincome of over Rs 10 lakh, attracting the highest tax bracketof 30 per cent, in assessment year 2012-13. As per the Income Tax Return Statistics for AssessmentYear 2012-13, 14 lakh people or just 4.6 per cent of the totalassessees paid taxes in the highest 30 per cent tax bracket.There are 2.89 crore assessees in the country. These 14 lakh people accounted for 75 per cent of thetotal personal income tax collection. "The data reveals very clearly that there is a need forwidening and deepening of the tax net now," Revenue SecretaryHasmukh Adhia told PTI. The analysis further revealed that of 2.89 crore taxpayerswho filed returns, 1.63 crore (56.4 per cent) did not paytaxes and 0.84 crore assessees (29.3 per cent) were in the 10per cent tax bracket. Taken together, these two segments constitute more than85.5 per cent of the individual tax base. The data showed there were 2,669 taxpayers with an incomeexceeding Rs 5 crore, accounting for 9.6 per cent of taxescollected. The data also showed there were 1.51 crore individualswhose tax was deducted at source, but did not file returns.Had they filed the returns, the number of income tax payersfiling returns could have gone up to 4.4 crore in 2012-13,from 2.89 crore. The revenue department, sources said, will soon come outwith fresh data for assessment year 2013-14, and it will beused in formulating strategy for widening the tax base. As per the I-T Act, people earning below Rs 2.5 lakh perannum are exempt from paying taxes. Those with income betweenRs 2.5 lakh to Rs 5 lakh pay a 10 per cent tax while Rs 5 lakhto Rs 10 lakh give 20 per cent tax. People with income aboveRs 10 lakh pay 30 per cent tax. PTI JD CS SBTABK


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