Number of Tax Filers & Taxpayers in India Revealed: Check Out

Paying heed to the current analysis given by the Income Tax Department on Thursday only 1.46 crore people in the country are under tax-paying net. The said analysis is the affair of the day following the statement of country’s Prime Minister Mr. Narendra Modi who said that out of 130 crore people only 1.5 crore people are paying tax. Tweeting on the prevalent situation Central Board of Direct Taxes These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc (CBDT) declared the population of only 1.46 crore is liable to pay tax among which 1 Crore people have declared that their annual turnover is in between Rs. 5-10 lakhs and only 46 lakh individuals have disclosed their annual income to be more than Rs. 10 Lakhs. CBDT here replied to the rumors going viral on social media platforms that are concerned with individual return filers.

CBDT also stated that in the prevailing financial year the number of individual tax filers reached up to 5.78 crores who declared their income for FY 2018-19. Out of the total tax filing Read the easy guide on e-filing of IT return online in India. Step by step guide to filing income tax returns through official income tax department portal population, 1.03 crore have declared their income to be below Rs. 2.5 lakh crore, 3.29 crore declared their income to be in between Rs. 2.5 lakh to Rs. 5 lakh.

As dictated by the Budget 2019, individual taxpayers with annual income less than or up to Rs. 5 lakhs are exempt from paying taxes for the current financial year (2020) and others to come. Only 3.16 lakh individual tax filers showed their income to be more than 5 lakh in the financial year.

CBDT declared that the total number of individual tax filers who confirmed their income to be more than Rs. 5 lakh annually is 8,600 among which 2200 doctors, Chartered Accountants, lawyers and other key professionals declared they are earning more than Rs. 1 Crore annually from serving their profession only (excluding the income from rent, interest from banks, capital earning, LTCG, and other sources). Such earnings have a separate entry in the returns.

At the same time, in Union Budget 2020, the aggregate tax collection was penned at Rs 24,23,020 crore which was marginally less than the Budget estimate amount i.e. Rs.24,61,194.93-crore for FY 2020. Still, the revenue showed a considerable hike of 12% over the revised estimate of Rs 21,63,423 crore for the prevalent Financial Year.