Business

Interactive: Compare your income with other taxpayers

Photo for representation.

Photo for representation.  

As many as 5.52 crore individual income taxpayers filed their returns in Assessment Year (AY) 2018-19, 18% higher than the previous AY, according to the Income Tax Department’s tax data released recently. The figure stood at 4.66 crore in AY 2017-18.

Individuals owed a total of ₹3.17 lakh crore in income tax in AY 2018-19 -- about 16% higher than the previous year.

Do you want to compare your annual income before tax with that of other taxpayers? Just enter your annual income in the box below and click ‘Go’ or hit ‘Enter’.

 

If you are not able to view the visualisation, please click here.

The biggest chunk of income tax returns filers, about one in four, declared their annual income to be in the range of ₹2.5 lakh-3.5 lakh.

About one in five taxpayers (20.2%) declared their annual income to be in this range of ₹5.5-9.5 lakh per annum..

Just 0.002% of the total number of taxpayers declared that their annual income before tax was above ₹1 crore, while just three individuals declared that their income was above ₹500 crore.

It is to be noted that the above figures indicate income before the deductions are factored in. If deductions are taken into account, the taxable income of the three individuals falls to the previous bracket (₹100-500 crore).

A look at the taxpayer break-up after deduction shows that the taxable income of 2.2 crore individuals (40%) falls to 0. Here's a split of taxpayers by their taxable income.

 

The amount of personal income tax collected has increased over the years, but in this FY, the rate of growth in the amount collected has decreased. The rate of personal income tax collected increased by 12.68% in FY19 compared to FY18, but in FY18, it had increased by 20.14% compared to FY17.

 

It is to be noted that figures for FY19 are provisional/unaudited.

 

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Printable version | Jul 15, 2020 1:31:54 PM | https://www.thehindu.com/business/interactive-compare-your-income-with-other-taxpayers/article29725231.ece

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