Bulk of individual tax payers have shown an annual salary income between Rs 5.5-9.5 lakh in returns for the Assessment Year 2012-13, while only six people declared such income ranging from Rs 50-100 crore. As per the Income Tax Return Statistics for Assessment Year 2012-13, over 20.29 lakh salary earners have shown salary income ranging between Rs 5.50-9.50 lakh per annum.
With average salary coming in at Rs 6.94 lakh, these individuals cumulatively earned a salary income of over Rs 1.40 lakh crore. Based on the Income Tax returns filed, over 19.31 lakh individuals had annual salary income between Rs 2.50-3.50 lakh, according to the data released by the CBDT.
While over 8.10 lakh individuals earned a salary between Rs 3.5-4 lakh, as many as 7.57 lakh pocketed between Rs 4-4.50 lakh salary every year.
As per the data, over 3.12 crore salary earners filed tax returns in assessment year 2012-13. Over 1.95 crore individuals filed returns with no salary income. The number of super-rich who disclosed in their returns a salary income between Rs 1-5 crore was 16,845, while there were 612 individuals earning between Rs 5-10 crore.
Super rich earning annually between Rs 10-25 crore numbered 146 in assessment year 2012-13, those with salary between Rs 25-50 crore were 23 and that between Rs 50-100 crore were only six in number.
There were over 37.35 lakh individuals who had annual salary income up to Rs 2.50 lakh. As per the I-T Act, people earning below Rs 2.5 lakh per annum are exempt from paying taxes. Those with income between Rs 2.5 lakh to Rs 5 lakh pay a 10 per cent tax while Rs 5 lakh to Rs 10 lakh give 20 per cent tax. People with income above Rs 10 lakh pay 30 per cent tax.
In 2016-17 Budget, government had increased the surcharge on the super-rich having an annual income of over Rs one crore from 12 per cent to 15 per cent.