Number of 'crorepatis' has risen by 60% in last 4 years: CBDT

NEW DELHI: The selection of taxpayers earning above Rs 1 crore in line with annum has risen to over 1.40 lakh in the nation in the closing 4 years, depicting a expansion of about 60 in line with cent, the Central Board of Direct Taxes (CBDT) mentioned on Monday.

Releasing key statistics of income tax and direct taxes for a duration of about 4 years, the policy-making frame of the IT division mentioned the selection of particular person taxpayers earning over Rs 1 crore every year had seen a expansion of about 68 in line with cent.

Honest, consistent taxpayers to be feted by means of government; coverage proposal in works

The government desires to "facilitate" truthful and consistent taxpayers in availing a variety of public products and services. A coverage has been proposed by means of a committee below the Central Board of Direct Taxes which is operating to chalk out the extensive parameters for extending such "courtesies". The proposal would require to be cleared by means of the Union cabinet.

"The overall selection of taxpayers (corporates, companies, Hindu undivided households amongst others) appearing income of above Rs 1 crore has registered a pointy building up.

Government extends closing date for submitting Income Tax return, audit file until October 15

Government on Monday prolonged by means of a fortnight until October 15 the closing date for submitting ITR and audit file for monetary 12 months 2017-18. CBDT had gained representations from stakeholders looking for extension of the closing date for submitting of returns by means of taxpayers whose accounts have to be audited.

"While 88,649 taxpayers had disclosed income above Rs 1 crore in evaluation 12 months 2014-15, the figure used to be 1,40,139 for AY 2017-18, which is a expansion of about 60 in line with cent," the CBDT mentioned.

Similarly, it mentioned, the selection of particular person taxpayers disclosing income above Rs 1 crore had greater all through the same duration from 48,416 to 81,344, which translated into a expansion of 68 in line with cent.

CBDT chairman Sushil Chandra mentioned these numbers had been a result of setting up various legislative, informative and enforcement efforts by means of the tax division over the last 4 years.

The knowledge also added that a expansion of greater than 80 in line with cent used to be registered in the selection of returns filed in the closing 4 monetary years -- from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.