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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.
HIGHER INCOME GROUP PEOPLE
- 16 lakh individual- income above ₹50 lakh
- 8,600 individual- income above ₹5 crore
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