Only one Indian has taxable income over Rs.100/- crores.

India is a country with a 100 dollar billionaires. Still, when it comes to payment of income tax, all these dollar billionaires become “paupers”. Yes, this is the reality. According to the data released by the government, for the financial year 2014 – 15, only one Indian has disclosed that his taxable income is over Rs.100 crore. We can understand to what extent tax cheating is taking place in this country, and how the government remains as a silent spectator to these cheatings. Further, according to the data, only 3% Indians (4.1 crore) filed income tax returns in 2014-15 and only 1.6% actually paid income tax. Nearly 50% of tax assesses who filed a return, declared zero taxable income. There was just one taxpayer who declared taxable income of over Rs.100 crore and paid Rs.238 crore as tax.

[Source: Times of India - 21.12.2017]