NEW DELHI: Over 35,600 individuals filed returns showing annual income of over Rs 1 crore with at least 1.3 lakh disclosing zero income during financial year 2011-12, latest data released by the government on Friday showed.
Those reporting zero income in their returns were those who accounted for tax breaks against investments such as provident fund and public provident fund as well as home loans, which helped reduce the total income to under Rs 1.8 lakh, which was threshold for the levy of tax in the lowest bracket.
Another 36 lakh tax payers, or 12.5% of the 2.89 crore individuals who filed returns disclosed income of up to Rs 1.5 lakh, while over 37% were in the Rs 1.5-2 lakh range.
But the number which is under watch is those in the higher brackets as only 14 lakh or less than 5% of the entire taxpayer base was in the top bracket of 30%. But this segment paid nearly 75% of the total income tax. The government has initiated a number of steps to track those failing to disclose income such as tracking high-value transactions.