How many income tax assessees in india

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Skip to main content Try our corporate solution for free! Single Accounts Corporate Solutions Universities. Premium statistics. Read more. This statistic shows the number of income tax payers across India in the fiscal year of , broken down by income range.

For instance, about You need a Single Account for unlimited access. Full access to 1m statistics Incl. Single Account. View for free. Show source. The recipient of income can claim the credit of the TDS amount by adjusting it with the final tax liability. The taxpayer must pay tax in advance when his estimated income tax liability for the year exceeds Rs 10, The government has specified due dates for payment of advance tax installments. It is the balance tax that the taxpayer has to pay on the assessed income.

The self-assessment tax is calculated after reducing the advance tax and TDS from the total income tax calculated on the assessed income. The taxpayers can pay advance tax, self-assessment tax online from the NSDL website. However, the taxpayer should have a net banking facility with an authorised bank. The taxpayer shall file an income tax return every year via ITR forms prescribed by the income tax department.

The government has prescribed seven ITR forms through which the taxpayer can file his income tax return. The taxpayer has to choose the appropriate ITR forms and file his income tax return. The taxpayer shall electronically file the income tax return through the e-filing platform of the income tax department. To file the income tax return, the taxpayer should first register himself at www. Thereafter, the taxpayer can log in to the website and file his income tax return.

Also, there is no need to manually send the acknowledgement of the return to the income tax department. The income tax department now allows e-verification of the ITR in different ways, which completes the income tax return process. The taxpayer can save tax by tax planning. A taxpayer can do tax planning by investing in tax-saving instruments.

It helps in reducing the income tax liability. Section 80C to 80U of the Income Tax Act allows a deduction for certain expenditures and investments from the total computed income. Some of the popular Section 80C investments are:.

However, you get tax benefits under Section 80C only up to Rs 1. Apart from the 80C deduction, a taxpayer can also take a tax benefit under Section 80D for health insurance premium and medical expenditure incurred for self, family and parents. Under Section 80E, the taxpayer can claim a deduction for the interest paid on a loan taken for higher education. There is no limit to claim such a deduction in the income tax return.

Under Section 24, the taxpayer can claim a deduction for interest paid on a housing loan during the relevant financial year. The amount of deduction will depend upon whether the house is self-occupied or let out. The taxpayer can also claim a deduction of the principal amount of loan under Section 80C up to Rs 1. The individuals can claim up to Rs 10, deduction under the said section. The Income Tax Act includes all the provisions that govern the country's taxation.

Every year, the Finance Minister presents a budget in February. The most recent Union Budget presented by the current Finance Minister included the introduction of a new tax regime. Early estimates by the tax department show 1. Data accessed by TOI shows that over 5. These are income earners who file tax returns, but show zero tax liability. In , there were 2. Tendency to evade tax higher among non-salaried: IT department The fall in the total number of taxpayers underlines the need to widen the base as many non-salaried individuals conceal their income or under-report it, putting a disproportionate burden on those who do pay tax.

The Budget speech of had noted that on an average a salary earner pays three times more income tax than a non-salaried taxpayer Rs 76, versus Rs 25, The tax department believes the tendency to evade tax is higher among the nonsalaried. It expects to bring in more individuals in these segments into the tax net with measures like tax collection at source on overseas remittances and purchase of vehicles of over Rs 10 lakh introduced this year.

Already, the December tax filings data show that the growth rate of income taxpayers in income brackets of over Rs 10 lakh is much higher than those with income of less than Rs 10 lakh. A series of tweets by the IT department on Thursday revealed that there were 8, individuals declaring over Rs 5 crore taxable income and about 3. Read 0 Comment post a comment. Continue without login. Login from existing account Facebook Google Email.

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