How many taxpayers are there in India? (2024)

How many taxpayers are there in India?

For AY 2022-23, there were 93.7 million “taxpayers” in India. Of this, “individuals” and “Hindu undivided families (HUF)” accounted for more than 96 percent (90.37 million) of the total taxpayers in the country. This translates into 6.45 percent of the population being taxpayers. But this can be fallacious.

How many people pay tax in India?

Indians who pay income tax are a rare breed. In 2021-22, there were 20.9 million — or just over 2 crore — taxpayers. Population estimates for the same year pegged the Indian adult population at 943.5 million — that's 94-crore-plus Indian voters. So, taxpayers accounted for only 2.2% of the voting population.

Who is the highest taxpayer in India?

Akshay Kumar was awarded "Samman Patra '' for being the highest taxpayer in India for the last five years by Income Tax Department. He has been at the top of the list of individual taxpayers in India, even in 2021.

How many income tax payers are there in India in 2024?

The Income-tax Department has recorded a surge in filing of Income-tax Returns (ITRs), resulting in a new record of 8.18 crore ITRs for the A.Y. 2023-2024 filed upto 31.12. 2023 as against 7.51 crore ITRs filed upto 31.12. 2022.

How many people earn over 1 crore in India?

India witnesses a remarkable rise in individuals earning over Rs 1 crore annually, reaching 2.16 lakh for the 2023-24 Assessment Year. Minister Pankaj Chaudhary unveils a positive trend in high-income earners, with significant growth since 2019. Additionally, there's an uptick in 'Profession' income reporting.

How many people avoid taxes in India?

Tax avoidance is a big issue in India, where only 3% of the country's 1.2 bn people pay income tax.

Which country has the highest tax rate?

Ivory Coast

The long-troubled west African country Ivory Coast has the highest income tax rate in the world. It sure is a frontier market with a unique profile, but for such a low quality of life, we can't find a reason why someone would settle for paying their government most of their income.

Which city in India pays the most taxes?

Mumbai holds the record for the highest per capita civic tax at Rs 4,086, followed by Pune at Rs 2,635, Coimbatore at Rs 2,259, Ahmedabad at Rs 1,565, Madurai at Rs 784, Jabalpur at Rs 669, Surat at Rs 660, Rajkot at Rs 628, and Kota at Rs 28.

Which state pays most tax in India?

Net direct tax collection in Maharashtra stood at Rs 6.14 lakh crore in 2022-23, the highest by any state, followed by Rs 2.12 lakh crore collected in Delhi, Rs 2.05 lakh crore in Karnataka and Rs 1.07 lakh crore collected in Tamil Nadu, Minister of State for Finance Pankaj Chaudhary said in a written reply to a ...

Which city in India pays the most income tax?

According to the Income Tax Department, Mumbai has the highest number of taxpayers in India. As of 2022-23, there are over 4.5 million taxpayers in Mumbai, which is more than any other city in India. Here are the top 10 cities in India with the highest number of taxpayers: Mumbai.

How much tax is collected in India every year in dollars?

India Tax Revenue data is updated monthly, averaging 6.519 USD bn from Apr 1997 to Feb 2024, with 323 observations. The data reached an all-time high of 44.903 USD bn in Dec 2021 and a record low of -8.877 USD bn in Feb 2022. India Tax Revenue data remains active status in CEIC and is reported by CEIC Data.

How much tax is collected in India every year?

On February 1, 2024, Union Finance Minister Nirmala Sitharaman revised direct tax collection aim to Rs. 19.45 lakh crore for the current financial year, higher than Rs 16.61 lakh crore collected in fiscal 2023 and Rs 14.08 lakh crore in fiscal 2022.

How many return filers are there in India?

The income-tax (I-T) department has recorded a surge in filing of Income-tax Returns (ITRs), resulting in a new record of 8.18 crore ITRs for the A.Y. 2023-2024 filed up to Dec 31 last year as against 7.51 crore ITRs filed up to Dec 31, 2022. This is 9 percent more than the total ITRs filed for A.Y.

Is 3 crore rich in India?

Yes, 3 crore rupees is a significant amount of money in India. According to the latest data from the Ministry of Statistics and Programme Implementation, the average annual household income in India is around ₹1.5 lakhs. This means that 3 crore rupees is approximately 200 times the average annual household income.

Is 50 crore rich in India?

In India, those with net worths between 50 and 100 crores live opulently and in luxury. They frequently own multiple lavish homes and reside in upscale properties in prestigious locations, both in India and abroad.

Is 1 crore considered rich in India?

Perspective: Nationally: 1 crore places you among the top 1% of wealthiest individuals in India. A 2023 Knight Frank report indicated a net worth of 1.45 crore is the threshold for entering the 1% club. Regionally: The cost of living varies significantly across India.

Why billionaires don t pay taxes in India?

Currently billionaires effectively pay far less personal tax than other taxpayers of more modest means because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report.

Why do Indians not pay income tax?

The income earned from working within your own Tribe's Indian Country is exempt from state income tax if you were also living within your own Tribe's Indian Country when you earned that income. You must pay state income tax on any income you earned while not living or not working within your own Tribe's Indian Country.

Why do so few people pay taxes in India?

India's per capita income is around ₹1.5 lakh (current prices), meaning that an average Indian earns ₹1.5 lakh per year. The basic exemption threshold is almost three times the average per capita income, so a major chunk of the population is not liable to pay taxes. Tax is a crucial source of money for governments.

Where does the US rank in taxes?

The United States ranked 31st¹ out of 38 OECD countries in terms of the tax-to-GDP ratio in 2022. In 2022, the United States had a tax-to-GDP ratio of 27.7% compared with the OECD average of 34.0%.

What country pays the least taxes?

Is Dubai tax free?

Is Dubai a tax-free country? Yes, Dubai is a tax-free nation when it comes to imposing income tax on most of its citizens. However, if you own an oil business, there is a tax rate of 55%. There are entertainment taxes and import duties.

Is tax higher in India or USA?

The maximum tax rates in all three aforementioned countries are higher than that in India. The maximum personal income tax rate is 54 per cent in Canada, 51.6 per cent in the US, and 45 per cent in Australia. Meanwhile, it is 30 per cent in India.

Is tax in US higher than India?

Compared to countries such as Canada, the U.K., the U.S.A. and China, the income tax rate for India is lower. While India's highest tax rate is 42.74%, Canada's highest rate is 54.0%. While the U.K. and China both levy their highest taxes at 45%, the highest tax rate in the U.S.A. is 50.3%.

Is tax in India very high?

You will quickly see: that India becomes one of the highest taxed nations in the world. We often compare this to Nordic countries, where the taxes are around 55%. But, you have to account for free healthcare, education and social security (this is availed by the rich, middle class and poor alike).