The government's income tax rebates result in a drop in the number of taxpayers
As PM Narendra Modi told the Times Now Summit on Wednesday, only 1.5 crore (1.46 crore, to be precise) Indians pay income tax. That is just a little over 1% of India’s population and only 1.6% of the country’s adult (over 20 years) population.
What’s even more striking is that the number of taxpayers has shrunk sharply in the past one year. Estimates show that in the assessment year 2018-19 (financial year 2017-18), 3.29 crore Indians paid income tax. Compared to that, 1.46 crore taxpayers in 2019-20 represent a fall of 55% in just one year.
What’s even more striking is that the number of taxpayers has shrunk sharply in the past one year. Estimates show that in the assessment year 2018-19 (financial year 2017-18), 3.29 crore Indians paid income tax. Compared to that, 1.46 crore taxpayers in 2019-20 represent a fall of 55% in just one year.