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Revenue tax dept reveals what number of CAs, docs declared earnings above ₹1 crore

What number of professionals in India have declared annual earnings of 1 crore from their occupation of their tax returns? About 2200. This was clarified in a collection of tweets by the earnings tax division, sharing earnings tax return knowledge for the monetary yr 2018-19.

“Within the ITRs filed by people in present monetary yr, solely about 2200 docs, chartered accountants, attorneys and such different professionals have disclosed annual earnings of greater than Rs.1 crore from their occupation (excluding different incomes like rental,curiosity,capital features and so on),” Revenue Tax division tweeted.

Prime Minister Narendra Modi had on Wednesday urged folks to pay their taxes for the event of India. The Prime Minister lamented that when quite a few folks didn’t pay tax and located methods to evade it, “the burden falls on those that truthfully pay their dues”. He stated it was unbelievable however true that solely 2,200 folks within the nation had declared earnings of 1 crore every year.

“Sure misinformation is being circulated in Social Media pertaining to particular person return filers,” the Revenue Tax Division tweeted.

Sure misinformation is being circulated in Social Media pertaining to particular person return filers.

CBDT clarifies:

In the course of the present monetary yr, 5.78 crore people filed returns disclosing earnings of monetary yr 2018-19..1/6

— Revenue Tax India (@IncomeTaxIndia) February 13, 2020

In a collection of tweets, the Revenue Tax Division shared this details about ITR filings for earnings of monetary yr 2018-19:

-In the course of the present monetary yr, 5.78 crore people filed returns disclosing earnings of monetary yr 2018-19

-Out of those,1.03 crore people have proven earnings under 2.5 lakh and three.29 crore people disclosed taxable earnings between Rs.2.5 lakh to Rs.5 lakh.

-Out of 5.78 crore returns filed throughout this monetary yr,4.32 crore people have disclosed earnings as much as 5 lakh

-The Finance Act, 2019 has exempted particular person tax payers having earnings as much as 5 lakh. Subsequently, these 4.32 crore particular person tax payers having earnings as much as 5 lakh shall not be liable to pay tax for the present monetary yr 2019-20 and subsequent years. Therefore, solely round 1.46 crore particular person tax payers are liable to pay income-tax.

-Additional, round 1 crore people disclosed earnings between Rs. 5-10 lakh and solely 46 lakh particular person tax payers have disclosed earnings above Rs.10 lakh

-Solely 3.16 lakh particular person tax payers have disclosed earnings above 50 lakh

-The variety of particular person tax payers who’ve disclosed earnings above 5 crore in the entire of the nation is just round 8,600 (With Company Inputs)

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