NEW DELHI: Just over 2 crore Indians, or 1.7% of the total population, paid income tax in the assessment year (AY) 2015-16, according to data released by India’s Income Tax (I-T) department.
The number of income-tax return filers increased to 4.07 crore in assessment year 2015-16 (FY 2014-2015) from 3.65 crore in the previous year but only 2.06 crore actually paid tax as the others claimed income below taxable limits.
In the previous AY 2014-15, 1.91 crore, out of 3.65 crore who filed returns, had paid income tax. But the total income tax paid by individuals declined to Rs1.88 trillion in AY 2015-16 from Rs1.91 trillion in AY 2014-15. The data, released last week, indicates just over 3% of the 120 crore population filed returns.
Of these, 2.01 crore paid nil income tax, 9,690 paid tax of over Rs1 crore. Only one individual paid over Rs100 crore in taxes (Rs238 crore to be precise). Maximum among of 19,931 crore was collected from 2.80 crore tax filers who paid between Rs5.5 lakh to Rs9.5 lakh in taxes.
As many as 1.84 crore returns were filed for payment of income tax of less than Rs1.5 lakh or an average of Rs24,000. Of the 4.07 crore tax returns field in AY 2015-16, close to 82 lakh showed zero or income less than Rs2.5 lakh.
Currently, no income tax is for income up to Rs2.5 lakh. In AY 2014-15, 3.65 crore filed tax returns with 1.37 crore showing zero or less than Rs2.5 lakh income. The combined income of all individual tax filers rose to Rs21.27 trillion in AY 2015-16 from Rs18.41 trillion in the previous year.
Maximum number of 1.33 crore individuals were in Rs2.5 lakh to Rs3.5 lakh income group in AY 2015-16. In all, 4.35 crore income tax returns, including those by individuals, were filed in AY 2015-16. Total income declared was Rs33.62 trillion.
In the previous year, 3.91 crore returns were filed with Rs26.93 crore declared income. Companies filed 7.19 lakh returns with gross income of Rs10.71 trillion.