Taxpayers Showing Income Above Rs 1 Crore Per Annum Rises By 60% In Last 4 Years

| October 22 , 2018 , 16:18 IST

In the last four years, the number of taxpayers showing an income of above Rs 1 crore per annum has risen by 60 per cent to over 1.40 lakh, the Central Board of Direct Taxation (CBDT) said on Monday.

"While 88,649 taxpayers had disclosed income above Rs 1 crore in the assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent,” the CBTD said.

The number of Individual taxpayers disclosing their income of above Rs 1 crore had also increased from 48,416 to 81,344 during the same period.

Also Read: Delhi Govt Launches Drive Against Tax Defaulters

Commenting on the rise, CBTD Chairman Sushil Chandra said these numbers were a result of putting in a number of legislative, informative and enforcement efforts by the department over the last four years.

Rewards for Taxpayers

In order to motivate taxpayers to pay their taxes, the government is looking to put in place an incentive programme to reward honest taxpayers.

The government has set up a committee under the Central Board of Direct Taxes (CBTD) to draw up the scheme.

The programme will be likely to offer a cup of tea with the state governor, priority check-in at the airport, passports on priority, dedicated toll lanes, airport lounge access like some amazing rewards.