India is planning to increase its number of income taxpayers three-fold by March next year by cracking down on the country's colossal number of tax evaders - currently only two percent of India's 1 billion population pays income tax.
'We are targeting a three-fold increase in personal income tax payers this financial year to boost our revenue collections. In the category of those with annual incomes in excess of Rs 500,000 (US$10,400) the number of taxpayers does not exceed 150,000. To me, that is unacceptable,' said Central Revenue Secretary S Narayan at a business conference in Calcutta this week.
He said the method likely to be employed in securing the additional tax will be the "1-in-6" scheme whereby anyone who 1) is the owner of a house, 2) has a telephone connection, 3) holds a credit card, 4) has travelled abroad, 5) is a member of a club or 6) owns a car will be required to file an income tax return.
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