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1.7% Indians only paid the Income Tax in the AY 2015-16
Posted on: 29/Dec/2017 2:42:43 PM
According to the report released by the Income Tax Department of India only 1.7 percent of the whole Indian population paid the annual income tax. This may approximately total around 2.06 crore individuals.
The total income tax collection had a few increase in return filing up to 4.07 lakh crore compared to the year 2014-15. The AY 2015-16 documented a total amount of Rs 21.27 lakh crore.
A decline of Rs 1.88 lakh crore in comparison to Rs 1.91 lakh crore was witnesses tax deposited with the authorities in the same assessment year.
In spite of an increase in the return filing there is a drop in the actual income, as the tax filers claimed their income below the limits. An estimated total of 9690 individuals deposited a tax over 1 crore Rupees. One person out of all income tax filers paid an amount of Rs 238 crores in the year 2015-16.
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