NEW DELHI: Last year, tax payers had fun when finance minister Arun Jaitley introduced a discount in tax fee within the source of revenue tax slab of Rs 2.five lakh to Rs five lakh to 5 in keeping with cent from 10 in keeping with cent in his finances speech. Therefore, it is natural, people will hope for the same or higher announcement in finances 2018. He may or would possibly not, however an in-depth glance into the selection of Indians paying taxes throw americasome surprising information.
According to knowledge from the Central Board of Direct Taxes, best 2.05 crore Indians or 1.7 in keeping with cent of 120 crore Indians paid taxes in 2015-16. Break that up additional and you spot that four.6 in keeping with cent of overall taxpayers paid a whopping 62.34 in keeping with cent taxes gathered, while 89.86 in keeping with cent paid just 23.73 in keeping with cent of overall taxes. The final five.five in keeping with cent paid 13.92 in keeping with cent of taxes.
If around 11 in keeping with cent of taxpayers pay a gargantuan 76.26 in keeping with cent of taxes, it is because they earn disproportionate proportion of source of revenue. Tax payers with a declared source of revenue between Rs 1 and Rs 2.five lakh make a whopping 93.3 in keeping with cent of overall tax payers in India.
Despite the truth that India added extra tax payers in 2015-16, up from 1.91 crore tax payers in 2014-15, it didn't register an increase in tax earnings. In fact, the tax gathered in 2015-16 was to the tune of one.88 lakh crore, lower than the Rs 1.91 lakh crore gathered in 2014-15.
Big query: Why do just one.7 in keeping with cent of Indians pay taxes?
The resolution lies in the truth that 90 in keeping with cent of Indians don't fall within the tax bracket as they earn not up to Rs 2.five lakh a year, and hence are exempt from paying source of revenue tax.
Plus, there are a number of classes of source of revenue earners who would not have to pay tax despite the fact that their annual source of revenue is more than Rs 2.five lakh. These come with farmers and a few classes of non-salaried professionals who and pay lower taxes.
According to knowledge from the Central Board of Direct Taxes, best 2.05 crore Indians or 1.7 in keeping with cent of 120 crore Indians paid taxes in 2015-16. Break that up additional and you spot that four.6 in keeping with cent of overall taxpayers paid a whopping 62.34 in keeping with cent taxes gathered, while 89.86 in keeping with cent paid just 23.73 in keeping with cent of overall taxes. The final five.five in keeping with cent paid 13.92 in keeping with cent of taxes.
If around 11 in keeping with cent of taxpayers pay a gargantuan 76.26 in keeping with cent of taxes, it is because they earn disproportionate proportion of source of revenue. Tax payers with a declared source of revenue between Rs 1 and Rs 2.five lakh make a whopping 93.3 in keeping with cent of overall tax payers in India.
Despite the truth that India added extra tax payers in 2015-16, up from 1.91 crore tax payers in 2014-15, it didn't register an increase in tax earnings. In fact, the tax gathered in 2015-16 was to the tune of one.88 lakh crore, lower than the Rs 1.91 lakh crore gathered in 2014-15.
Big query: Why do just one.7 in keeping with cent of Indians pay taxes?
The resolution lies in the truth that 90 in keeping with cent of Indians don't fall within the tax bracket as they earn not up to Rs 2.five lakh a year, and hence are exempt from paying source of revenue tax.
Plus, there are a number of classes of source of revenue earners who would not have to pay tax despite the fact that their annual source of revenue is more than Rs 2.five lakh. These come with farmers and a few classes of non-salaried professionals who and pay lower taxes.
TOI Budget 2018 special: Income tax payers in India are minuscule
![TOI Budget 2018 special: Income tax payers in India are minuscule]()
Reviewed by Kailash
on
January 17, 2018
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