Most of the Indians fail to pay their Income tax

The government of India made the public direct tax for the past fifteen years as a part of the financial transparency.The government published the data only for the assessment year 2012-13 which includes the taxes of the financial year. According to the data, only one percent of the overall population paid the income tax and that is about one crore and twenty five lakh, but five thousand four hundred and thirty individual paid one crore as the tax.
The report shows that two crore eighty seven lakh individuals filed the income tax return form in that particular financial year, but only one crore and twenty five lakh people paid the tax which is approximately equal to one percent of the population. And the remaining one crore sixty two lakh individuals failed to pay the tax and Uptra Accounting Services.

The tax outlay for eighty nine percent of the taxpayers is less than one lakh fifty thousand, and the average tax payable is twenty one thousand. And 3 individuals in the tax slab Rs.100 to Rs.500 crore paid four hundred and thirty seven crore and the average tax outlay of Rs.145.80 crore.The tax rate for many individuals was between one crore to five crore for more than five thousand taxpayers, and thus the overall outlay of tax was eight thousand nine hundred and seven. And the report showed that many taxpayers who filed the tax return form for the assessment year 2012-13 received an annual payment between six lakh to ten lakh. And around twenty lakh individuals received annual salary of three lakh, and about six individual received fifty to hundred crore as an annual income. The total tax collection for the year 2015-16 is nine times greater than 2000-01.

You can leave a response, or trackback from your own site.

Leave a Reply