Just How Rich Are India’s Super Rich?
How much tax do India’s richest really pay?
Recently, the Indian government decided to resume publishing income tax data, after more than a decade in order to encourage the use and analysis of Income Tax data and to increase transparency. The Central Board of Direct Taxes published data based on income-tax returns filed by taxpayers for the assessment year 2012-13.
While the data reveals several statistics and trends about India’s taxpayers and the nature of filings, the gross total income of India’s super rich is noteworthy.
According to the CBDT data, only three Indians have a gross total income of more than Rs 500 crore. 26 individuals earn between Rs 100-500 crore and 50 Indians have a gross total income ranging between Rs 50-100 crore.
The gross total income of individuals includes one’s salary along with the income from other sources, and is the income before deductions.
The data from financial year 2011-12 reveals that in terms of just salary income, only 6 individuals earn between Rs 50-100 crore. Another interesting revelation is that no individuals showed a salary income of more than Rs 100 crore.
