Business Mantra News
As per the data of Income Tax Department it reveals that only 1.7 per cent of the total population of the country, paid Income Tax in the Assessment Year (AY) 2015-16.
However, the number of Income Tax Return filers have increased to 4.07 Crores in the Assessment Year 2015-16 from 3.65 Crores in the previous year but only 2.06 Crores actually paid Income Tax as others claimed income below taxable limits.
In the previous Financial Year only 1.91 Crores out of 3.65 Crores who filed returns, had paid Income Tax.
But the individual Income Tax payee paid only up to Rs.1.88 Lakh Crores Income Tax which is comparatively low from the Income Tax payment of Rs. 1.91 Lakh Crores in the Financial Year 2014-15.
As per the Income Tax Department official data only 3 per cent population out of 125 Crore population filed Income Tax Return and out of this 2.01 Crores paid nil Income Tax while 9,690 paid Income Tax over Rs.1 Crore.
Only one Individual paid Income Tax over more than 100 Crores.
2.80 Crores Income Tax assesses paid tax between 5.5 Lakhs to Rs.9.5 Lakhs in taxes and a total of Rs.19931 deposited to the IT department.
As many as 1.84 Crore returns were filed for payment of Income Tax of less than Rs 1.5 Lakh or an average of Rs 24,000. Of the 4.07 Crore Income Tax returns filed in AY 2015-16, close to 82 Lakhs showed zero or income less than Rs 2.5 Lakhs. Presently, an Assessee need not file Income Tax for income up to Rs 2.5 Lakhs. In AY 2014-15, 3.65 Crores filed tax returns with 1.37 Crores showing zero or less than Rs 2.5 Lakh income.
Payment of Income Tax increase the revenue of the Government and the tax money is used by the Government for further development of the country so decline in payment of Income tax would lessen the economic growth of the country. Hence, Government must take recourse to Increase Tax income.