Fewer Millionaire Taxpayers In 2001-02

Contrary to earlier projections, the revenue department has found that the number of income-tax payers in the highest tax bracket has fallen 20 per cent in the past one year.

More astonishingly, 80 per cent of the non-salaried income-tax payers in the country have claimed an annual income of less than Rs 1 lakh.

As per the latest statistics on income-tax returns collected by the revenue department, the number of people in the country with an annual income of above Rs 10 lakh per annum has dipped to about 46,000 in 2001-02, from around 57,800 in 2000-01. The department has admitted that the drop has been caused by the unsatisfactory one-by-six scheme that was supposed to augment the number of taxpayers in the country.

An analysis of the data shows the problem is caused by under-reporting of income by the non-salaried class, including Hindu undivided families.

Of the total 30 million taxpayers, the salaried class constitutes a little under 10 million, while the non-salaried class constitutes only 11.8 million. The rest are accounted for by