Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
272
nda:
Needmore seats to Win
Needmore seats to Win
upa:
»
2-min read

Only 1.7% Indians Paid Income Tax in AY 2015-16, Reveals Govt Data

The number of income-tax return filers increased to 4.07 crore in assessment year 2015-16 (FY 2014-2015) from 3.65 crore in the previous year but only 2.06 crore actually paid tax as the others claimed income below taxable limits.

PTI

Updated:December 25, 2017, 6:05 PM IST
facebookTwittergoogleskypewhatsapp
Only 1.7% Indians Paid Income Tax in AY 2015-16, Reveals Govt Data
Image for representation.
New Delhi: Just over 2 crore Indians, or 1.7 per cent of the total population, paid income tax in the assessment year 2015-16, according to data released by the I-T department.

The number of income-tax return filers increased to 4.07 crore in assessment year 2015-16 (FY 2014-2015) from 3.65 crore in the previous year but only 2.06 crore actually paid tax as the others claimed income below taxable limits.

In the previous AY 2014-15, 1.91 crore, out of 3.65 crore who filed returns, had paid income tax.

But the total income tax paid by individuals declined to Rs 1.88 lakh crore in AY 2015-16 from Rs 1.91 lakh crore in AY 2014-15.

The data, released last week, indicates just over 3 per cent of the 120 crore population filed returns. Of these, 2.01 crore paid nil income tax, while 9,690 paid tax of over Rs 1 crore.

Only one individual paid over Rs 100 crore in taxes (Rs 238 crore to be precise).

Maximum among of 19,931 crore was collected from 2.80 crore tax filers who paid between Rs 5.5 lakh to Rs 9.5 lakh in taxes.

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 tax returns field in AY 2015-16, close to 82 lakh showed zero or income less than Rs 2.5 lakh. There is no income tax for income up to Rs 2.5 lakh.

In AY 2014-15, 3.65 crore filed tax returns with 1.37 crore showing zero or less than Rs 2.5 lakh income. The combined income of all individual tax filers rose to Rs 21.27 lakh crore in AY 2015-16 from Rs 18.41 lakh crore in the previous year.

Maximum number of 1.33 crore individuals were in Rs 2.5 lakh to Rs 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 Rs 33.62 lakh crore.

In the previous year, 3.91 crore returns were filed with Rs 26.93 crore declared income.

Companies filed 7.19 lakh returns with gross income of Rs 10.71 lakh crore.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Aakarshuk Sarna
Read full article
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
SBI 348.40 2.14
Reliance 1,349.75 0.70
IndusInd Bank 1,612.50 6.16
HDFC Bank 2,362.20 -1.81
ICICI Bank 417.00 2.87
Company Price Change %Gain
Reliance 1,348.55 0.59
Larsen 1,491.95 2.15
SBI 348.30 2.19
Yes Bank 141.90 3.05
Adani Enterpris 166.40 5.35
Top Gainers
Company Price Change %Gain
Zee Entertain 362.75 6.01
Adani Ports 411.20 6.54
IndusInd Bank 1,612.95 6.19
Grasim 897.45 4.68
Yes Bank 141.50 2.87
Company Price Change %Gain
IndusInd Bank 1,610.65 6.13
Yes Bank 144.85 5.19
ICICI Bank 416.20 2.64
SBI 348.20 2.16
Hero Motocorp 2,760.00 2.27
Top Losers
Company Price Change %Gain
ITC 290.50 -3.09
Eicher Motors 20,616.25 -2.87
Vedanta 160.00 -3.79
HDFC Bank 2,359.65 -1.92
Hindalco 194.60 -1.72
Company Price Change %Gain
Vedanta 159.90 -3.94
ITC 290.70 -2.95
HDFC Bank 2,361.00 -1.83
TCS 2,058.75 -1.15
ONGC 174.90 -0.93

Live TV

Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results