You would be surprised with some of the numbers. According to the report released by Indian Finance Ministry, estimated number of taxpayers for financial year 2011-12 stands at in effect(p) 3.24 Crore people.That means, less than 3 people in 100 pay taxes
Out of these 3.25 Crore people, 89% pay taxes in the tax slab of 0 5 Lakh rupees, while on the other hold on of spectrum, notwithstanding 1.3% of all tax payers have income about 20 Lakh!
depend of Tax Payers in India & their Slabs
Slab| Number (in hundred thousands)| Percentage of taxpayers|
0-5 lakh| 288.44| 89.00%|
5-10 lakh| 17.88| 5.50%|
10-20 lakh| 13.78| 4.30%|
>20 lakh| 4.06| 1.30%|
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The graph clearly shows the inequality in the earnings of Indian people Imagine, in a country of 120+ crore people, only 4 lakh people earn above 20 lakh rupees a month.
Now, if you consider that many cheat when it comes to taxes, even then the numbers are so skewed that it is mind-boggling.
This following graph will show you further how much wealthiness is concentrated amongst only a miniscule few!
Tax Collection by Tax Slabs
Slab| (Rs. in crore)| Percentage of tax put in|
0-5 lakh| 15,010| 10.
10%|
5-10 lakh| 21,976| 14.80%|
10-20 lakh| 17,858| 12.10%|
>20 lakh| 93,229| 63.00%|
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The biggest surprise for me was although, only 1.3% of all tax-payers earn more than 20 lakhs in India, they account for a whooping 63% of all the taxes collected by Indian Government. So 4.6 lakh Indians pay a total of 93,229 crore rupees of tax. That comes to an average of roughly 23 lakh per psyche!
Although, I was aware of this situation to a certain extent, afterwards looking at the numbers in the report, I was interpreted aback by amount of inequality we have in India!
Would love to hear your comments on this!
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