Latest News
-
Tech Mahindra Q4 Results Preview: Revenue May Fall, But Margins Seen To Expand; To Announce Dividend -
Rs. 7.75/Share Dividend: Record Date In Due Course; Buy The TATA Group Stock? -
Trade Call: Day Trading Stock Picks By Sumeet Bagadia of Choice Broking On Thursday, 25th April -
Swing Trading Guide: 3 Stock Picks By VLA Ambala On Thursday, 25th April -
HCL Tech Q4 Results, Dividend: EBIT Margins May Drop; Deal Wins, FY25 Guidance To Be Watched -
1:10 Split Coming Up: Crorepati FMCG ITC Turns Rs 1,50,000 To Rs 1.2 Crore; Makes Big Announcement; BUY? -
Biggest Ever Stock Splits, 49 New Shares On Existing 1 Share; FMCG Makes Big Announcement Before Splitting -
Gold Prices India; Biggest Jump In 24-Carat In 55 Days; Know Tax Rates On Profits On Phsyical Gold -
Mandatory Testing for Indian Spices Destined for Singapore, Hong Kong After Ban -
TRAI Advocates for Enhanced Telecom Infrastructure Sharing Among Licensees
Just 1.7% Indians Or 2.06 Crore Individuals Paid Income Tax In AY 2015-16
The lower tax amount collected as well as lesser tax payers in the assessment year 2015-16 despite an increase in tax filing incidence.
Though the total income of individual taxpayers increased from Rs 18.41 lakh crore for AY 2014-15 to Rs 21.27 lakh crore in AY 2015-16 (FY 2014-15).
As per the data released by the Income Tax department, only over 2 crore individuals which is just 1.7% of the total population of India paid their tax dues for the AY 2015-16. This came in despite an increase in return filing to 4.07 crore for AY 2015-16 as against the previously filed 3.65 crore ITRs. Also, for the same assessment year, the amount of income tax deposited with the authorities also declined to Rs. 1.88 lakh crore in comparison to Rs. 1.91 lakh crore.
The lower tax amount collected as well as lesser tax payers in the assessment year 2015-16 despite an increase in tax filing incidence is due to the fact that other tax filers claimed their income to be below taxable limits.
Of the total 2.06 crore taxpayers for the Ay 15-16, 9690 individuals deposited tax over Rs. 1 crore. One of the person paid tax over Rs. 100 crore or more precisely Rs. 238 crores.
For income up to Rs. 2.5 lakh, currently there arises no income tax liability. And of the total returns filed for the AY 15-16, 1.33 crore population fall in the income group of between Rs. 2.5 and Rs. 3.5 lakh.
Total income declared amounted to Rs 33.62 lakh crore in as many as 4.35 crore ITRs filed for the AY 15-16 that combines tax returns filed in individual tax filers.
With Inputs From PTI
