Only 1.7% Indians paid income tax in the assessment year 2015-16





Only 1.7% Indians paid income tax in the assessment year 2015-16

New Delhi: Only two crore Indians paid income tax in the assessment year 2015-16. This number is only 1.7 percent of the total population. This information has been received from the income tax department's figures. According to the department, the number of income-tax returns filed in the assessment year 2015-16 (on the income of financial year 2014-15) increased to 4.07 crore, which was 3.65 crore in the previous year. But in reality, only 2.06 crore people paid taxes. Others cited their income tax deficit below the limit. Prior to this, 1.91 crore people paid tax in the assessment year 2014-15 whereas the number of return filling was 3.65 million.

However, in the assessment year 2015-16, the personal income tax payment was reduced to Rs 1.88 lakh crore, which was Rs 1.91 lakh crore in 2014-15. According to the figures released last week, more than three percent of the 120 crore population have filed returns. Of this, 2.01 crore paid zero income tax, while 9,690 paid a tax of more than Rs 1 crore. Only one person paid more than Rs. 100 crores (Rs. 238 crores) tax. Of the total Rs 2.80 crore tax payers, Rs 19,931 crore was received from those who paid tax between Rs 5.5 lakh and Rs 9.5 lakh.

According to the figures, a tax payment of Rs 1.5 lakh or an average of Rs 24,000 was paid under 1.84 crore returns. Of the total 4.07 crore people filing tax returns in the assessment year 2015-16, 82 lakhs have shown zero tax or income less than Rs. 2.5 lakhs. At present income of up to two and a half rupees per year is not income tax. According to the data, the total income of those who filed personal income tax returns in the assessment year 2015-16 is estimated at Rs 21.27 lakh crore, compared to Rs 18.41 lakh crore in the previous year.

During the year, the highest 1.33 crore income tax return was between 2.5 lakh and 3.5 lakh rupees annually. Altogether, 4.35 crore income tax returns were filed in the assessment year 2015-16, including personal income tax return and a total of 33.62 lakh crore rupees was announced. Last year, 3.91 crore returns were filed and income of 26.93 lakh crore was declared. During the period, the companies filed 7.19 lakh returns, out of which, the total income of Rs 10.71 lakh crore was announced.

Home    News   Business    Career   Mobile news   Jio News    Lifestyle  Car


Previous Post Next Post