Finally, The Income Tax Department reveals Income Tax Data!


(Last Updated On: May 7, 2019)

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:

  1. 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 YearCorporate TaxPersonal Income TaxOther Direct TaxTotal
    2011-122986881462581049445995
    2012-13322816170181990493987
    2013-14356326201840823558989
    2014-153946782428881030638596
    2015-164289252657721095695792
  2. 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.
  3. 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?
  4. Chandigarh is top tax paying Union Territory as the taxpayers from Chandigarh contributed 1992.65 crore of taxes!
  5. Ever wondered, how much of the tax is contributed by way of TDS, Assessment Tax, Advance Tax, etc?
    Assessment YearTDSAdvance TaxSelf-Assessment TaxRegular Assessment TaxOther ReceiptsTotal Gross Direct Tax Receipt
    2013-14210654275794394706241848596636932
    2014-15248547292522441237252863884721604
    2015-16259106326525520508018981589799459
  6. 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!
  7. 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.)!
  8. Is there any cost that is incurred by the government in collecting taxes?
    Assessment YearTotal CollectionsTotal ExpenditureCost of Collection
    2001-2002683059291.36%
    2008-0931433016870.54%
    2015-1669579241010.59%
  9. 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 YearTax Growth Rate
    2011-1217.97%
    2012-1310.76%
    2013-1413.16%
    2014-1514.24%
    2015-168.96%
  10. How much does direct tax contribute towards the GDP of India?
    Assessment YearDirect Tax GDP Ratio
    2011-12 5.81%
    2012-135.48%
    2013-145.53%
    2014-155.62%
    2015-165.55%
    Some statistics are very surprising, say only 3.82% of the total population file their taxes. Should we assume that the remaining population are under the basic exemption limit or we think it the other way that a large part of the population just evade taxes. The government’s work in the last few years in terms of the collection of direct taxes has been phenomenal owing to digitalisation of Income Tax Returns, Income Tax Payment, the introduction of e-verification and a robust backend. Also, the government has been very proactive in conducting raids, launching various schemes like Income Declaration Scheme to maximise tax collection. Hopefully, everything will fall into place in the upcoming years, maybe a tweak here and there in the execution strategy can give us unprecedented returns.

Notes:

  1. 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
  2. Source: http://www.incometaxindia.gov.in/Documents/Time-Series-Data-Final.pdf
 

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Team Tax2Win