THE LATEST direct taxes data released by the Central Board of Direct Taxes (CBDT) show that 9,690 individuals paid tax exceeding Rs 1 crore in 2014-15 as against 7,500 individuals in 2013-14. Only one individual paid tax exceeding Rs 100 crore but less than Rs 500 crore in 2014-15 — about Rs 238 crore.
In 2013-14, three individuals figured in Rs 100-crore group, paying Rs 547 crore in direct tax. The new data show that no individual paid tax of over Rs 500 crore in 2014-15 as against one (Rs 21,870 crore) the previous year.
Also, the number of individuals who paid tax between Rs 50-100 crore halved to three in 2014-15 from the preceding year, the data show. The number of individuals who declared a gross income of over Rs 1 crore rose to 59,830 in 2014-15 from 48,417 the previous year.
Out of 4.07 crore returns filed by individuals in 2014-15, 1,648 filed for salary income over Rs 5 crore as against 1,204 the previous year. Eleven individuals filed returns for income between Rs 50-100 crore and five for income more than Rs 100 crore but less than Rs 500 crore in 2014-15. In 2013-14, ten individuals filed returns for income between Rs 50-100 crore and two figured in the Rs 100-500 crore bracket.
In 2014-15, 1,228 individuals filed returns for salary income between Rs 5-10 crore, about 32 per cent higher than 928 individuals in 2013-14. For salary income between Rs 10-25 crore, 346 individuals filed returns in 2014-15, up from 232 in the previous year. Also, 58 individuals filed returns for income between Rs 25-50 crore, compared to 32 in the same category the previous year.
No individual filed for income over Rs 500 crore in 2014-15, the same as the previous year. The maximum number of returns were filed for showing zero-salary income at 2.46 crore returns, followed by 45.35 lakh returns filed for salary income between Rs 5.5-9.5 lakh.
The CBDT on Wednesday also released Income Tax Returns Statistics for the assessment year 2015-16 (financial year 2014-15). It had earlier released similar data for assessment years 2012-13, 2013-14 and 2014-15.
A closer look at the number of tax returns filed by companies reveals that 976 companies filed returns for business income over Rs 100 crore in 2014-15, a rise of around 43 per cent from 683 companies in the previous year. Eleven companies filed returns declaring house property income above Rs 50 crore, with one return filed for house property income over Rs 500 crore.
The number of companies paying taxes over Rs 100 crore also registered an increase of 45 per cent to 376 in 2014-15 from 258 in 2013-14. Out of 7,19,796 tax returns filed for business income by companies in 2014-15, the highest number of 3,75,077 were seen for zero-business income category.
Out of 751 returns filed for long-term capital gains of over Rs 10 crore, 15 were filed by companies for over Rs 500 crore. Individuals filed 31 returns for long-term capital gains between Rs 50-Rs 500 crore, while companies filed 95 returns for the same category. For short term capital gains, a total of 953 returns were filed of over Rs 10 crore, out of which 85 were for short term capital gains over Rs 100 crore and six for over Rs 500 crore, the data shows.
According to the data, about 155 returns were filed to show other sources of income of over Rs 100 crore — 128 for over Rs 100 crore but less than Rs 500 crore and 27 returns for income over Rs 500 crore.
The CBDT said that apart from the total number of 4,35,99,192 taxpayers who filed the direct tax returns, approximately 1.64 crore taxpayers paid taxes but did not file valid/verified return for 2014-15.