Inside the Tax Revenue..
The budget has been released and as usual some benefits were given and some new taxes imposed. Some of the announcements are still in proposal stage (eg. taxation of non-equity mutual funds) and may be re-considered for clarity on implementation timelines, while others (such as raising of basic exemption to Rs.2.5Lacs) are final. It is argued that India is one of the lowest tax-to-GDP ratio countries and more needs to be done to widen the tax net. A look inside the tax revenue stats reveals some startling data points for us to ponder. Number of Tax Payers in India & their Slabs Slab No. of assessees (in lakhs) Percentage of taxpayers 0-5 lakh 288.44 89.00% 5-10 lakh 17.88 5.50% 10-20 lakh 13.78 4.30% >20 lakh 4.06 1.30% From the above table, it is evident that amongst the 3.3 crore tax