More Number of Car Buyers than Tax Payers in India !

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After demonetization some other facts have also been disclosed by the Income tax department. One such fact that is very much shocking is that car owners are more in India than the income tax payers.

more number of car buyers than tax payers in india

According to income tax department, 16.4lakh people had income of more than Rs.10lakh but every year 27lakh cars are purchased. Out of 27lakh, 35 thousand cars are luxury ones (cars which are above the worth of Rs.25lakh).

According to finance ministry, last three years had witnessed the sale of 25.3lakh, 26lakh, and 27lakh cars respectively.

This trend is followed from last 5 years. From this data it’s obvious that very less people are in the list of tax payers in India.

Indian car company

It is much likely that in the next year’s budget, new laws and big decisions will be taken. From the some other facts also, it is revealed that number of tax payers are much less than it should be. In the case of home loan more than 46lakh people have taken this loan in which more number of people had taken more than Rs.25lakh.

From these numbers it is clear that these people have income more than Rs.10lakh. One such another case is of Gold where more than 40lakh people had purchased the gold of Rs.2lakh last year.

Now taking some figures of previous year, in the year 2013-14, only 2.95% of 125crore people in India had filed their income tax return which is 3.65crore people.

Out of these people only 5.5lakh people (0.44% of total population) had paid tax more than 5lakh which total amounts to 57% of total tax paid in India. With this figure it is expected that government can take big decisions on tax return matters.

For the country to grow and the government to work properly it is necessary that people of India file their income tax returns honestly.

 

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