Of the 5.78 crore individuals who filed income tax returns in financial year 2018-19, over 1.44 crore individuals have disclosed that they earn over Rs.5 lakh, said a document released by the ministry of finance.
Further analysis of data shows that while 17% of individual tax payers i.e. 98 lakh earn between Rs.5 lakh and 10 lakh, 7% or 40 lakh of them fall in the income range of Rs.10 lakh – Rs.50 lakh. Just 1% or 6 lakh tax payers have an annual income of over Rs.50 lakh.
Overall, while 5.78 crore individuals have filed tax returns of the total 130 crore population in India, just 1.46 crore individual have actually paid any tax in FY 2018-19, which is about 1% of the total population.
Majority of tax payers i.e. over 3 crore have disclosed that they earn between Rs. 2.50 lakh and Rs.5 lakh. Over 1 crore individuals have said that they earn below Rs.2.50 lakh. This indicates over 4 crore individual in India earn up to Rs.5 lakh a year.
Only about 2,200 doctors, chartered accountants, lawyers, and other professionals have disclosed annual income of more than Rs. 1 crore from their profession excluding other incomes like rental, interest, capital gains among others in the returns filed last financial year.
On PAN, the government said that there are close to 50 crore PAN card holders. Of this, around 65% (32.71 crore) of PAN holders have linked their Aadhaar number with PAN. There is still a substantial number of PAN holders, 17.1 crore who have not linked their Aadhaar with PAN.
Currently, MF industry has 2.10 crore unique investors.
