Income tax dept reveals how many CAs, doctors declared income above ₹1 crore
How many professionals in India have declared annual income of ₹1 crore from their profession in their tax returns? About 2200. This was clarified in a series of tweets by the income tax department, sharing income tax return data for the financial year 2018-19.
“In the ITRs filed by individuals in current financial year, only about 2200 doctors, chartered accountants, lawyers and such other professionals have disclosed annual income of more than Rs.1 crore from their profession (excluding other incomes like rental,interest,capital gains etc),” Income Tax department tweeted.
Prime Minister Narendra Modi had on Wednesday urged people to pay their taxes for the development of India. The Prime Minister lamented that when a number of people did not pay tax and found ways to evade it, “the burden falls on those who honestly pay their dues”. He said it was unbelievable but true that only 2,200 people in the country had declared earnings of ₹1 crore per annum.
“Certain misinformation is being circulated in Social Media pertaining to individual return filers,” the Income Tax Department tweeted.
In a series of tweets, the Income Tax Department shared this information about ITR filings for income of financial year 2018-19:
-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 ₹2.5 lakh and 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 up to ₹5 lakh
-The Finance Act, 2019 has exempted individual tax payers having income up to ₹5 lakh. Therefore, these 4.32 crore individual tax payers having income up to ₹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.
-Further, 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 ₹50 lakh
-The number of individual tax payers who have disclosed income above ₹5 crore in the whole of the country is only around 8,600 (With Agency Inputs)
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