Indians are splurging on gizmos and white goods, buying property, betting on the stock market and even depositing hefty amounts in fixed deposits.
By all accounts it's party time for the nation's upper classes. India's economic boom is showing in higher spending and investments, with the tax department's data revealing a sharp jump of 73.5% from Rs 1,340,000 crore in 2004-05 to Rs 2,326,000 crore.
And the story is still unfolding, with more data pouring in to attest to the buoyancy. Last year, the government mandated credit card companies, mutual funds, the registrar of properties and banks to report high-value transactions by August 31 through what is known as an annual information return (AIR).
The seven-item filings were devised as a means to check for unaccounted cash and is turning into a reliable gauge on spending trends.
In 2004-05, there were 6.5 lakh permanent account number (PAN) holders who had either bought houses worth over Rs 30 lakh or had paid Rs 2 lakh or more to credit card companies or bought mutual funds worth more than Rs 2 lakh.
The other transactions covered by AIRs include deposits of more than Rs 10 lakh a year in a savings bank account, Rs 5 lakh investment in a company's bonds or debentures or in RBI bonds, or Rs 1 lakh investment in a company's shares.
While transaction-wise information is still being collated for 2005-06, Central Board of Direct Taxes spokesperson A K Sinha said the AIRs filed by banks, the registrar of properties, credit card companies and mutual funds had increased from nearly 18 lakh in 2004-05 to 18.84 lakh during the last fiscal.
The AIRs also capture deposits of over Rs 10 lakh during the fiscal but the details will only be known in the coming weeks as the tax department has just started combing the data for details.
:SugarwareZ-229:
By all accounts it's party time for the nation's upper classes. India's economic boom is showing in higher spending and investments, with the tax department's data revealing a sharp jump of 73.5% from Rs 1,340,000 crore in 2004-05 to Rs 2,326,000 crore.
And the story is still unfolding, with more data pouring in to attest to the buoyancy. Last year, the government mandated credit card companies, mutual funds, the registrar of properties and banks to report high-value transactions by August 31 through what is known as an annual information return (AIR).
The seven-item filings were devised as a means to check for unaccounted cash and is turning into a reliable gauge on spending trends.
In 2004-05, there were 6.5 lakh permanent account number (PAN) holders who had either bought houses worth over Rs 30 lakh or had paid Rs 2 lakh or more to credit card companies or bought mutual funds worth more than Rs 2 lakh.
The other transactions covered by AIRs include deposits of more than Rs 10 lakh a year in a savings bank account, Rs 5 lakh investment in a company's bonds or debentures or in RBI bonds, or Rs 1 lakh investment in a company's shares.
While transaction-wise information is still being collated for 2005-06, Central Board of Direct Taxes spokesperson A K Sinha said the AIRs filed by banks, the registrar of properties, credit card companies and mutual funds had increased from nearly 18 lakh in 2004-05 to 18.84 lakh during the last fiscal.
The AIRs also capture deposits of over Rs 10 lakh during the fiscal but the details will only be known in the coming weeks as the tax department has just started combing the data for details.
:SugarwareZ-229: