- Wealth PMS
According to the Parliamentary Committee Report 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)