 "Crorepatis on rise in listed companies' boards")
The data on income-tax (I-T) returns for 2014-15, released recenty by the income-tax department, seems to tell a lot about the current financial situation of individuals in India.
No less than 36,513,034 individuals filed I-T returns, for a staggering Rs 18,41,782 crore.
However, the income brackets show a huge disparity. While the number of people in low-incom brackets is huge, those in the very high income bracket are only a handful.
The income brackets of up to Rs 1.5 lakh and Rs 1.5 lakh to Rs 2 lakh have almost the same number of returns filers.
The bulkiest income bracket is that of Rs 2 lakh to Rs 2.5 lakh, comprising the highest number of returns filed.
The same goes for the Rs 2.5 lakh to 3.5 lakh bracket.
Surprisingly, the Rs 5.5 lakh to Rs 9.5 lakh bracket has more returns filed than the Rs 3.5 lakh to Rs 5.5 lakh bracket.
A good number of people fall in the bracket of Rs 10 lakh to Rs 50 lakh is good enough to contribute to the national income.
The real deal is the corepatis in the country: 45 thousand people earn more than Rs 1 crore, while only 3,000 people make Rs 5 crore to Rs 10 crore.
As it happens, around 1,000 people fall in the bracket of Rs 10 crore to Rs 50 crore income bracket, 56 people in the bracket of Rs 50 crore to Rs 100 crore, 17 in Rs 100 crore to Rs 500 crore and only seven people earn above Rs 500 crore.
And, there lie the total income tax figures of individuals.
