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How Many Indians pay Income Tax – Free PDF Download

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Published On February 19th, 2020 Leave a comment

Table of Contents

FILING TAX RETURN VS PAYING TAX

By filing your income tax return, you declare-
How much income you earned during the year & The tax you paid.

HOW MANY PEOPLE FILE INCOME TAX RETURNS?

78 crore individuals filed returns disclosing income of financial year 2018-19
Out of these,
03 crore individual- income below ₹2.5 lakh
29 crore individual- Rs.2.5 lakh – Rs.5 lakh 1 crore individual- Rs. 5 lakh – 10 lakh
46 lakh individual- income above Rs.10 lakh

FINANCE ACT 2019

The Finance Act, 2019 has exempted individual tax payers having income up to ₹5 lakh.
Therefore, these 32 crore individual tax payers having income up to ₹5 lakh shall not be liable to pay tax.
Hence, only around 1.46 crore individual tax payers are liable to pay income-tax.
It’s just around 1% of our population.