As per a report conducted by Delhi-based e-return intermediary, TaxSpanner.com, 56 per cent of Indians who file tax returns late are below the age of 30. And only 17 per cent of those late filers are above the age of 36. The report, India Tax Ratio 2012, covered employees from over 500 corporates and banks in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad.
The report further shows that 50 per cent Indians file tax returns in the last month or July, around 46 per cent of salaried individuals file returns in the last week of July. And 41 per cent men file returns late and in comparison 46 per cent women are late filers.
Bangalore has the maximum number of late filers at 39 per cent followed by NCR (24 per cent). On the other hand, people from Hyderabad and Chennai contribute about 9 per cent of late filers. The report also shows that while 45 per cent of return filers in Bangalore file their returns after the third week of July, only 39 per cent of those in NCR region file their returns after the third week.
Ankur Sharma, CEO of TaxSpanner.com says, “Late filing does not reflect complexity in the financials of the late filers. Around 96 per cent late filers had no other income except salary.”
The survey further says that amongst men, those in NCR have the best tax ratio of 5 per cent, even at an average income of Rs 6 lakh. Those in Bangalore have the worst tax ratio of 8 per cent, at an average income of Rs 7 lakh. Females in Chennai are the best tax planners. Even at an average income of Rs 4 lakh, their Average Tax Ratio is 2 per cent, much lesser than their counterparts, as well as males, in other cities. Average Tax Ratio of salaried individuals earning Rs 5-10 lakh is 9 per cent, however only 0.6 per cent have zero tax ratio. Tax Ratio is the percentage of gross salary paid as tax.