New Delhi: Only 3.5 crore people, or 2.89 percent of the country’s total population of more than 121 crore, file income tax return in India, Finance Minister P. Chidambaram said on December 19.
Addressing the 5th meeting of the parliamentary consultative committee attached to his Ministry here, Chidambaram said, “Only 14.6 lakh people have declared their income of Rs.10 lakh and above for tax purposes, which is not realistic.”
The Finance Minister informed the members that in 2011-12, till this time, refund of Rs.70,000 crore was made, which included arrears for the previous years while during the current 2012-13 fiscal refunds to the tune of Rs.57,000 crore have been made.
He said that the target for collection of direct taxes for the current financial year is Rs.570,251 crore. Chidam-baram said the focus of the government would be on providing a reasonably stable tax regime, which is in the interest of tax payers as well as tax collectors.