This person owes Rs 21,870 crore in income tax!

As and when the financial year end comes closer, all the working professionals tend to lose their hair over how much income tax they will have to pay from their annual salaries to the Indian government. What if you are told that you need to worry a little less than usual as there are worse cases than yours? Yes, there is a man who owes ₹ 21,870 crore in income tax! You read that right!

This amount is equivalent to 11% of total tax paid by all Indians in 2014 – 2015. The name of the person has not been disclosed by the Income Tax department. Along with this person three individual taxpayers declared business incomes over ₹ 500 crore. Two more taxpayers declared long-term capital gains of over ₹ 500 crore in 2014-15. These names were also not made public.

The other figures released by income tax department are also quite baffling. According to the figures of IT department of India, the nation had 36.5 million individual taxpayers who declared taxable income of ₹ 16.5 lakh crore and were supposed to pay ₹ 1.91 lakh crore as income tax in 2013 - 2014.

In the next calendar year, over 36 million Indians declared a salary income of nearly ₹ 9.8 lakh crore whic is equal to 7% of gross national income of ₹ 134.2 lakh crore in 2015 – 2016.

Apparently, there were 64 taxpayers with a tax liability of over ₹ 500 crore in 2014 -2015. The total tax these people had to pay was a whopping ₹ 1,13,068 crore. Perhaps you should now worry a little less.

• Income Tax
• IT declaration