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Indian Tax Payer Number May Cross 200 Mn in FY17

India being one of the most populous countries but sulking in attracting it's citizen to file individual income tax.Most of the income tax payers are either govt or private company employees. Fraction of taxpayers is coming from the trader segment.

The demonetizing of 500 and 1000 note followed by replacement with strict monitoring left no option for citizens but to file income tax. India with more than 265 million household and more than 100 million small to medium size traders who works on individual capacity offer great opportunity.

Many of them never file their income tax as they work on cash model and now govt is trying to pull them in taxation system.

More than nearly quarter of household where more than one individual earn. If we calculate by considering the poverty %, daily labor; we will have around 300 million citizens who comes the ambit of income tax filing.

Given some of the clause of income tax, few millions will not be required to file income tax given their earning but rest of them fall under that. I won't be surprised if India crosses 200 million individual tax payers for FY 17. I also won't be surprised if government manages to wipe out fiscal deficit completely.

The move by the government is the beginning of new era for India toward the path of growth and prosperity for all.

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About Devendra Prasad

20 years plus industry veteran of domestic and international ICT domain with the expertise in Business, Technology, Strategy and Analysis. Specializes in forecasting impact analysis, trends and recommendations for Investments, Technology and Regulations.
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