Direct Tax Collection 2018-19 | Interesting Facts and Figures
On Friday the CBDT (Central Board for Direct Taxes) released Income Tax Statistics for Assessment Year 2018-19 and Income Tax time series data of financial year 2000-01 to 2018-19.
The number of income taxpayers jumped 14 per cent in 2018-19 to 8.45 crore from 7.42 crore a year ago. The total number of taxpayers is calculated by adding the number of people who have filed a return of income for the relevant assessment year to those who have not filed returns but tax has been deducted at source in the relevant financial year. The number of people filing return in 2018-19 jumped 16 per cent to 6.33 crore compared to 5.45 crore in the previous year. However, the number of returns filed showed a decline from 6.87 crore to 6.73 crore. According to the tax department, the decline is due to the fact that in 2017-18 and before, returns of two assessment years (current assessment year + belated returns of previous assessment year) could be filed. However, due to the change in law, returns of only current assessment year could be filed this year.
The statistics released by CBDT for Assessment Year 2018-19 is based on 5,87,13,458 returns. Consistency Rules were defined to eliminate returns with inconsistent data. 5,87,21,477 returns were checked against consistency rules and 5,87,13,458 returns meeting the consistency rules were used for statistical analysis.
Out of 5,87,13,458 returns, 99 returns were in the income rage of >500 crore. These 99 taxpayers paid highest amount of tax of Rs. 1.69 lakh crore. 443 taxpayers were in the income range of >100 crore to <500 crore Rs. They paid total Rs. 89,877 crore tax. Over 40% of returns are in the range of zero taxable income and another 52% of returns are in the income group of >0 to <1,50,000.
Maharashtra has highest amount of share in direct tax collection followed by Delhi and Karnataka. Tamil Nadu comes at 4th place and Gujarat at 5th place.
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The number of income taxpayers jumped 14 per cent in 2018-19 to 8.45 crore from 7.42 crore a year ago. The total number of taxpayers is calculated by adding the number of people who have filed a return of income for the relevant assessment year to those who have not filed returns but tax has been deducted at source in the relevant financial year. The number of people filing return in 2018-19 jumped 16 per cent to 6.33 crore compared to 5.45 crore in the previous year. However, the number of returns filed showed a decline from 6.87 crore to 6.73 crore. According to the tax department, the decline is due to the fact that in 2017-18 and before, returns of two assessment years (current assessment year + belated returns of previous assessment year) could be filed. However, due to the change in law, returns of only current assessment year could be filed this year.
The statistics released by CBDT for Assessment Year 2018-19 is based on 5,87,13,458 returns. Consistency Rules were defined to eliminate returns with inconsistent data. 5,87,21,477 returns were checked against consistency rules and 5,87,13,458 returns meeting the consistency rules were used for statistical analysis.
Out of 5,87,13,458 returns, 99 returns were in the income rage of >500 crore. These 99 taxpayers paid highest amount of tax of Rs. 1.69 lakh crore. 443 taxpayers were in the income range of >100 crore to <500 crore Rs. They paid total Rs. 89,877 crore tax. Over 40% of returns are in the range of zero taxable income and another 52% of returns are in the income group of >0 to <1,50,000.
Range (in INR)
|
No of Returns
|
=0
|
2,37,42,101 (40%)
|
>0 and <=1,50,000
|
3,10,03,525 (52%)
|
>1,50,000 and <= 2,00,000
|
7,77,762
|
>25 crore and <=50 crore
|
1,023
|
>50 crore and <=100 crore
|
586
|
>100 crore and <500 crore
|
443
|
>500 crore
|
99
|
Total
|
5,87,13,458
|
Direct Tax Collection:-
As per the data released by CBDT, direct tax collection for the Financial Year 2018-19 is 11.37 lakh crore compared to the previous year's 10.02 lakh crore. It means this year has shown increase of 13.54% in direct tax collection which is less than previous year's 17.93% increase. Direct tax to GDP ratio for FY 2018-19 stands at 5.98% which is better than previous year's 5.86%. Buoyancy of direct tax, which shows how tax collection growth fared in comparison to nominal economic growth rate, eased in FY 2018-19 to 1.21, after 1.59 in previous year. A number exceeding one shows tax collection growth surpassing economic growth rate.Maharashtra has highest amount of share in direct tax collection followed by Delhi and Karnataka. Tamil Nadu comes at 4th place and Gujarat at 5th place.
Stay tuned for more updates. Feel free to comment.
This blog is now on Telegam. For reports on Economics, Current Affairs and more, subscribe this blog on Telegam.
You may also like to Read:
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