Why Income Tax should be Abolished?
Mere 1.7% Indians Paid Income Tax in 2015-16
Just over 2 crore Indians, or 1.7% of the total population, paid income tax in the assessment year (AY) 2015-16, according to data released by the I-T department.
The data, released last week, indicates just over 3% of the 120 crore population filed returns.
Of these, 2.01 crore paid Nil Income tax, 9,690 paid tax of over ₹1crore.
Only one individual paid over ₹100 crore in taxes (₹238 crore to be precise).
Maximum amount of 19,931 crore was collected from 2.80 crore tax filers who paid between ₹5.5 lakh to ₹9.5 lakh in taxes.
As many as 1.84 crore returns were filed for payment of income tax of less than ₹1.5 lakh or an average of ₹24,000.
Of the 4.07 crore tax returns field in AY 2015-16, close to 82 lakh showed zero or income less than ₹2.5 lakh.
Currently, no income tax is for income up to ₹2.5 lakh.
The combined income of all individual tax filers rose to ₹21.27 lakh crore in AY 2015-16 from ₹18.41 lakh crore in the previous year.
Maximum number of 1.33 crore individuals were in ₹2.5 lakh to ₹3.5 lakh income group in AY 2015-16.
In all, 4.35 crore income tax returns, including those by individuals, were filed in AY 2015-16. Total income declared was ₹33.62 lakh crore. more
Just over 2 crore Indians, or 1.7% of the total population, paid income tax in the assessment year (AY) 2015-16, according to data released by the I-T department.
The data, released last week, indicates just over 3% of the 120 crore population filed returns.
Of these, 2.01 crore paid Nil Income tax, 9,690 paid tax of over ₹1crore.
Only one individual paid over ₹100 crore in taxes (₹238 crore to be precise).
Maximum amount of 19,931 crore was collected from 2.80 crore tax filers who paid between ₹5.5 lakh to ₹9.5 lakh in taxes.
As many as 1.84 crore returns were filed for payment of income tax of less than ₹1.5 lakh or an average of ₹24,000.
Of the 4.07 crore tax returns field in AY 2015-16, close to 82 lakh showed zero or income less than ₹2.5 lakh.
Currently, no income tax is for income up to ₹2.5 lakh.
The combined income of all individual tax filers rose to ₹21.27 lakh crore in AY 2015-16 from ₹18.41 lakh crore in the previous year.
Maximum number of 1.33 crore individuals were in ₹2.5 lakh to ₹3.5 lakh income group in AY 2015-16.
In all, 4.35 crore income tax returns, including those by individuals, were filed in AY 2015-16. Total income declared was ₹33.62 lakh crore. more
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Problem with our government is that due to political pressure it never brought agriculture income under income tax. 100% agricultural income is tax free unless a taxpayer has some other source of income from business etc. Most of wealthy farmers including netas show only agricultural income under their name and business is carried on in name of wife, sons, daughters etc. Sometimes business is carried on in their servants name also. It is high time that the government bring agricultural income under income tax. There may be some exemption for poor farmers. Rich farmers previously declaring income more than Rs.500,000/- should bring under income tax umbrella. A flat rate of 20% can be levied in the initial stage. Will the finance minister bring up this matter in the next cabinet meeting? more
Feb 18
