Certain misinformation is being circulated in Social Media pertaining to individual return filers.
CBDT gave following clarification on the same:
During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19. Out of these,1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclosed taxable income between Rs.2.5 lakh to Rs.5 lakh.
Out of 5.78 crore returns filed during this financial year,4.32 crore individuals have disclosed income upto Rs 5 lakh. The Finance Act, 2019 has exempted individual tax payers having income up to Rs 5 lakh. Therefore, these 4.32 crore individual tax payers having income up to Rs 5 lakh shall not be liable to pay tax for the current financial year 2019-20 and subsequent years. Hence, only around 1.46 crore individual tax payers are liable to pay income-tax.
Futher, around 1 crore individuals disclosed income between Rs. 5-10 lakh and only 46 lakh individual tax payers have disclosed income above Rs.10 lakh. Only 3.16 lakh individual tax payers have disclosed income above Rs 50 lakh.
The number of individual tax payers who have disclosed income above Rs 5 crore in the whole of the country is only around 8,600. In the ITRs filed by individuals in current financial year,only about 2200 Doctors,Chartered Accountants, Lawyers &such other professionals have disclosed annual income of more than Rs.1crore from their profession(excluding other incomes like rental,interest,capital gains etc)
Tags : Income Tax