Do you know how many Indians pay Taxes and how much?
You would be surprised with some of the numbers. According to the report released by Indian Finance Ministry, estimated number of taxpayers for financial year 2011-12 stands at just 3.24 Crore people. That means, less than 3 people in 100 pay taxes
Out of these 3.25 Crore people, 89% pay taxes in the tax slab of 0 – 5 Lakh rupees, while on the other end of spectrum, only 1.3% of all tax payers have income about 20 Lakh!
Number of Tax Payers in India & their Slabs
|Slab||Number(in lakhs)||Percentage of taxpayers|
This next graph will show you further how much wealth is concentrated amongst only a miniscule few!