Only 1.7% Indians Paid Income Tax In 2015-16; 7 Shocking Details Emerge From IT Dept.!
There are 7 more such details, which has the capacity to shock any honest income tax payer in India.
India has a population of 126 crores, but it seems a majority of them are not at all interested to pay income taxes. In a shocking revelation, it has been found that only 1.7% or 2 crore Indians paid any form of Income Tax in the assessment year 2015-16.
Besides, there are 7 more such details, which has the capacity to shock any honest income tax payer in India.
In a related news, Income Tax officials have made a list of all high profile bitcoin investors, and now, they are being asked about the source of their investment.
Can 2018 be a revolution in income tax collection?
We try to find the trend out here.
Only 1.7% Indians Paid Income Tax in 2015-16
Income Tax Department is gradually revealing details about income tax collection for the financial year 2015-16, and some interesting data is coming out.
Here are the 7 shocking facts about income tax collection in India:
- A total of 4.06 crore or 3.2% of Indians filed returns in 2015-16, but out of that, only 2.06 crore or 1.7% paid any income tax. The previous year, that is 2014-15, 3.65 crores had filed returns.
- Total of Rs 1.88 lakh crore of income tax was collected in 2015-16, which reduced from Rs 1.91 lakh crore which was collected in the previous year.
- Out of Rs 19,931 crore tax collected from 2.8 crore taxpayers, maximum paid tax between Rs 5.5 lakh and Rs 9.5 lakh
- Most of the tax paid was the bare minimum: 1.84 crore taxpayers paid taxes of less than Rs 1.5 lakh; average being Rs 24,000/-
- Only 5 Indians reported income of more than Rs 100 crore; 11 Indians declared income between Rs 50 and Rs 100 crore and 58 Indians declared income between Rs 25 and Rs 50 crore
- 60% of all Indians who filed returns shows nil income from salary, that is income less than Rs 2.5 lakh which was the threshold for paying income tax
- Combined income of all taxpayers increased to Rs 21.27 lakh crore from Rs 18.41 lakh crore previous year (2014-15)
Certainly, not everything is in black and white, when it comes to paying income tax in India.
IT Dept. To Bitcoin Investors: What is Your Income Source?
Meanwhile, in a related news, Income Tax Dept. is now asking all high net worth bitcoin investors about their source of wealth.
On December 14th, Income Tax officials had conducted ‘surveys’ across bitcoin exchanges and made a list of all bitcoin investors.
In their latest salvo, around 4-5 lakh bitcoin investors are being asked from where they procured funds for investing in bitcoins.
An official described this activity as ‘fact-finding’ mission, as he said,
“We have sent out summons to HNIs who were trading in bitcoins under Section 131. Right now, it is mostly fact-finding to understand sources of income and whether there is any unreported income arising out of bitcoins,”
Analysts are stating that this is for the first time that so many investors and individuals have been sent such notices.
We had earlier predicted that bitcoin investors would be soon sent notices over bitcoin investments, but now, the exact purpose has been revealed. Besides capital gains tax, there are several other taxes which bitcoin investors will be required to pay now.
We will keep you updated.