The income tax data collated shows only 48,417 persons reporting income of more than Rs 1 crore in a year. Yet luxury brands like BMW, Jaguar, Audi, Mercedes, Porsche and Maserati sell almost 35,000 cars every year.
Of the individuals filing returns, 5.32 lakh were with income of less than Rs 2 lakh per annum, and so not within the tax bracket.
He said 24.4 lakh filers declared their annual income of being more than Rs 10 lakh and there were 1.47 lakh tax fillers who had an income of over Rs 50 lakhs in a year.
Also during the 2014-15 Assessment Year, there were 1.61 crore people whose tax deducted at source (TDS) were deducted but they did not file income tax return (ITR), he said.
