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Certain misinformation is being circulated in Social Media pertaining to individual return filers.
CBDT clarifies:
During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19..1/6
CBDT clarifies:
During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19..1/6
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..2/6
Out of 5.78 crore returns filed during this financial year,4.32 crore individuals have disclosed income upto Rs 5 lakh..2/6
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...3/6
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...4/6
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...4/6
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.. 5/6
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.. 5/6
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)6/6
