Who wrote this article?

Deepak Shenoy, Capitalmind's research team.

Only 406K Taxpayers Earn Over 20 Lakhs: DTC Report

30 Apr 2012Deepak Shenoy1 min read

Quick Facts

What is "Only 406K Taxpayers Earn Over 20 Lakhs: DTC Report" about?
What category is this article in?: Economy
Who wrote this article?: Deepak Shenoy, Capitalmind's research team.
When was this article published?: Published 30 April 2012.
How long does this article take to read?: 1 min read
What topics does this article cover?: DirectTaxCode, IncomeTax

According to the [Parliamentary Committee Report](http://164.100.47.134/lsscommittee/Finance/49_Final DTC Draft report.pdf) on the Direct Tax Code (DTC) headed by Yashwant Sinha, the total number of individual taxpayers (2010-11) that earned more than Rs. 20 lakhs (Rs. 2 million, or $40,000) a year were just 406,000. That is our 1%, as the total taxpayer base is around 3.25 cr. (32.5 million).

Of course the 1% were responsible for 93,229 cr., or Rs. 932 billion of our personal income taxes collected, a whopping 63% of it.

(This does not include corporates, trusts or LLPs - only individuals)