Only 1.7% Indians paid income tax in AY 2015-16

0
201

A little more than 2 million Indians, or 1.7 percent of the total population, paid the income tax in the year of evaluation (AY) 2015-16, according to the data published by the I-T department.

The number of people who submitted income declarations increased to 4.07 million rupees in the 2015-16 evaluation year (FY 2014-2015) of 3.65 million rupees in the previous year, but only 2.06 million rupees actually paid taxes, since that the others declared income below the taxable limits.

In the previous YY 2014-15, 1.91 crore, of the 3.65 crore that submitted returns, had paid the income tax.

But the total income tax paid by the people decreased to Rs 1.88 lakh crore in YY 2015-16 from Rs 1.91 lakh crore in YY 2014-15.

The data, published last week, indicate a little more than 3 percent of the 120 crore of the population submitted statements. Of these, 2.01 million rupees did not pay income tax, 9,690 of taxes paid over Rs 1 crore.

Only one person paid more than Rs 100 crore in taxes (Rs 238 crore to be precise).

The maximum of 19,931 crore was obtained from 2,80 crore contributors who paid between Rs 5.5 lakh to Rs 9.5 lakh in taxes.

Up to 1.84 million returns were submitted for the payment of income tax of less than Rs 1.5 lakh or an average of Rs 24,000.

From the field of tax return of 4.07 million rupees in YY 2015-16, about 82 lakh showed zero or an income lower than Rs 2.5 lakh.

Currently, there is no income tax for income of up to Rs 2.5 lakh.

In YY 2014-15, 3.65 crore filed tax returns with 1.37 crore showing zero or less of Rs 2.5 lakh income.

The combined income of all individual taxpayers increased to Rs 21.27 lakh crore in YY 2015-16 from Rs 18.41 lakh crore in the previous year.

The maximum number of individuals of 1.33 million rupees was in Rs 2.5 lakh to Rs 3.5 lakh income group in AY 2015-16.

In total, income tax declarations of Rs. 4.35 million, including those of individuals, were presented in AY 2015-16. The total declared income was Rs 33.62 lakh crore.

In the previous year, 3.91 million returns were recorded with declared income of Rs 26.93 million.

The companies submitted 7.19 lakh returns with a gross income of Rs 10.71 lakh crore.