45 lakh people have incomes above Rs 10 lakh, but 25 lakh cars are bought every year
In a country of 140 crore people, only 6.77 crore file taxes, out of which only 20 lakh people pay taxes with income over 20 lakh. The income tax data collected shows only 1.7 lakh people 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. Also, 45 lakh people have incomes above Rs 10 lakh, but 25 lakh cars are bought every year. That only shows that tax evasion is soaring.
You should outsource the conclusions to coming-AGI.
What made you think only income is needed to buy a car? Heard about inheritance? Analyse the segment owning fortuners, you will be surprised 😛
Jordon Vernon
Stealth
a year ago
😆 Source - Gurgaon
Matilda Carmden
Stealth
a year ago
EMI bhi kuch hota hai.
And not everyone is buying those high end cars.
Anise Carmden
Stealth
a year ago
Salaried income earners are not rich. Landlords, small business owners, investors , etc. and even top farmers earn way more than any top salaried employee.
Kalan Lee
Stealth
a year ago
Source url please
Kendall Lee
Stealth
a year ago
there is big population of people who are rich farmers or use farm land to launder money.
Many of the high value cars are purchased thru company names. If you look at the number of ITR 3/4/5 being filed.. they are of the highest numbers. Only, farming thru rented land is not profitable in india. Most farmers who own the land make good money. .
Corporates get to spend the money and then pay tax on the balance amount, so they have an incentive to purchase high end cars. ("instead of paying tax, we can spend it on something that we use"- kind of logic)
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