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. Lets 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 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
  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 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

    Direct / Indirect Tax Collected Infographics

  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 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%
  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 Year Tax Growth Rate
    2011-12 17.97%
    2012-13 10.76%
    2013-14 13.16%
    2014-15 14.24%
    2015-16 8.96%
  10. 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%

    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. The intent is right but there’s a need of improvement in the execution especially at the ground level. Hopefully, everything will fall into place in the upcoming years. Source: http://www.incometaxindia.gov.in/Documents/Time-Series-Data-Final.pdf

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

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