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Finally, The Income Tax Department reveals Income Tax Data!
In a bid to be a transparent government, the Modi government is trying to leave no stone unturned. The Income Tax Department had released statistics a few months back relating to Income Tax Data which turned out to be really enthralling. Let's look at the key highlights:
- Direct Tax collection increased by 9% from A.Y. 2014-15 as Rs. 695792 Crores of Tax was collected during the A.Y. 2015-16.
Assessment Year Corporate Tax Personal Income Tax Other Direct Tax Total 2011-12 298688 146258 1049 445995 2012-13 322816 170181 990 493987 2013-14 356326 201840 823 558989 2014-15 394678 242888 1030 638596 2015-16 428925 265772 1095 695792 - In the A.Y. 2014-15, only 3.82% of the total population paid taxes, interestingly, the percentage was higher in A.Y. 2013-14 as 3.88% of the total population paid taxes.
- Did you know that Maharashtra and Delhi together pay more than 50% of the taxes and on the other hand the seven sister states do not even contribute 1% of the total taxes?
- Chandigarh is top tax paying Union Territory as the taxpayers from Chandigarh contributed 1992.65 crore of taxes!
- Ever wondered, how much of the tax is contributed by way of TDS, Assessment Tax, Advance Tax, etc?
Assessment Year TDS Advance Tax Self-Assessment Tax Regular Assessment Tax Other Receipts Total Gross Direct Tax Receipt 2013-14 210654 275794 39470 62418 48596 636932 2014-15 248547 292522 44123 72528 63884 721604 2015-16 259106 326525 52050 80189 81589 799459
- Before A.Y. 2008-09, Indirect Taxes were always greater than Direct Taxes but since A.Y. 2008-09 this changed and until today, Direct Taxes trumps Indirect Taxes. For the A.Y. 2015-16, Direct Taxes were 56.16% of the total taxes!
- On the other hand, the total of corporate taxes have always been higher than the total of personal taxes, In the A.Y. 2015-16, Corporate Taxes (428925 Cr.) was more than 1.5 times of the personal taxes (265772 Cr.)!
- Is there any cost that is incurred by the government in collecting taxes?
Assessment Year Total Collections Total Expenditure Cost of Collection 2001-2002 68305 929 1.36% 2008-09 314330 1687 0.54% 2015-16 695792 4101 0.59% - Tax Growth Rate for the last 5 years shows a negative trend as there has been a significant reduction in the growth of direct taxes.
Assessment Year Tax Growth Rate 2011-12 17.97% 2012-13 10.76% 2013-14 13.16% 2014-15 14.24% 2015-16 8.96% - How much does direct tax contribute towards the GDP of India?
Assessment Year Direct Tax GDP Ratio 2011-12 5.81% 2012-13 5.48% 2013-14 5.53% 2014-15 5.62% 2015-16 5.55%
Population has been taken as 1,26,34,37,611 for A.Y. 2013-14 and 1,27,17,02,542 for A.Y. 2014-15