Taxation
Over 55 percent individual assesses paid no tax
New Delhi:  More than 55 percent of the 28.77 million individual assesses in India who filed their returns for 2012-13 paid zero tax, while three at the top-end had to shell out as much as Rs.437 crore collectively, as per latest data from the finance ministry.
 
As per the Central Board of Direct Taxes, which released income tax filing statistics for the first time, 5,430 individual assesses had an income of above Rs.1 crore, and paid a tax of 13,822 crore collectively.
 
Only eight people had an income between Rs.50 crore and Rs.100 crore while three people had an income between Rs.100 crore and Rs.500 crore during 2012-13, according to the report. 
 
No person in the country had an income above Rs.500 crore in 2012-13, the report said.
 
The maximum taxpayers -- 38.7 percent -- were in the income range of less than Rs.1,50,000, who paid a total of Rs.23,446 crore as taxes. It is also the segment from which maximum taxes came from in 2012-13.
 
Individual taxpayers with an income between Rs.1.5 lakh and Rs.5 lakh constituted 3.46 percent of the total taxpayers. They paid a combined tax of Rs.26,797 crore, it said.
 
According to the 2012-13 data, 11,077 people had an income between Rs.50,000 and Rs.1 lakh and paid a combined tax of Rs.7,474 crore.
 
A total of 1.4 lakh individual assessees, with an income between Rs.10 lakh and Rs.50 lakh, paid Rs.26,886 crore in taxes while 2.4 lakh taxpayers with an income between Rs.5 lakh and Rs.10 lakh paid Rs.16,131 crore collectively, the report said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Amratlal

7 months ago

Reduce Tax rates to encourage people to pay rather than learn to avoid.
Remove corrupted IT officers and offer good salary so they have no option but be Honest and encourage revenue.
Check the expenses to get correct figure of income and penalize those found guilty of tax avoiding's.
Reduce or avoid Sale Tax at point of retail,Tax at source instead.

Suketu Shah

7 months ago

Ideal reason to levy bank transaction tax and shut down IT offices.No ITax,no cheating,no tax avoidance.

D S Ranga Rao

7 months ago

That once again shows India is a "rich country" with "poor" people including Vijay Mallya and of ilk, the politicians those who evade taxes because of their power and influence, the industrialists, business tycoons, the stardom, who can manipulate their figures of profit and loss, etc. Therefore, no wonder, India continues to be poor, backward and underdeveloped for centuries to come. All the so called apparent development is chimerical only, not contributing to the sustainable economic growth of the country and happiness index.

Vijay Mallya resigns from Rajya Sabha
New Delhi: Liquor baron Vijay Mallya, whose passport has been revoked by the government, on Monday resigned from the Rajya Sabha.
 
He sent his resignation to Rajya Sabha Chairman Hamid Ansari on Monday, sources said.
 
The resignation has come after the Ethics Committee of Rajya Sabha unanimously recommended the expulsion of the liquor baron from the upper house of Parliament. 
 
Mallya, wanted for defaulting bank loans to the tune of Rs.9,000 crore, was an Independent member of the Rajya Sabha from Karnataka. He was given a week's time, ending Tuesday, to put in his papers. 
 
According to Parliament sources, during his tenure of almost 10 years as member of the Rajya Sabha, Mallya had been declaring his assets and liabilities as "nil".
 
The union government too had revoked Mallya's passport after he failed to turn up for a probe into a Rs.9,431 crore default of loans from Indian banks. This has set in motion the process for the billionaire's possible deportation from Britain, where he is staying at present.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Saumil Mehta

7 months ago

Do our MPs get all sort of allowances and perks even if they are NRIs or are on study tours abroad?

Automobile makers begin new fiscal on positive note
Chennai/Kolkata/New Delhi: Indian automotive makers opened the new fiscal with positive sales growth while hoping for a favourable verdict in the apex court over the sale of diesel engine-powered vehicles.
 
India's largest car maker Maruti Suzuki India Ltd logged 13.3 percent rise in its sales volume.
 
The company sold 126,569 units (domestic 117,045 units, exports 9,524 units) in total, as against 111,748 units (domestic 100,709 units, exports 11,039 units) in the corresponding month last year, the company said in a statement.
 
Among car segments, the sales of the mini, compact, super compact and mid-size passenger cars grew only 2.7 percent in April while the company's sales in utility vehicles rose by a whopping 260.4 percent.
 
Maruti Suzuki sold 16,044 units of utility vehicles in April as against 4,452 units in the same month last year.
 
On its part, India's second largest car maker Hyundai Motor India Ltd sold 54,420 units (domestic 42,351 units, exports 12,069 units) last month as against 51,505 units (domestic 38,601 units, exports 12,904 units) during April 2015.
 
According to Rakesh Srivastava, senior vice president for sales and marketing, the company continued its growth momentum, logging 9.7 percent volume growth last month at a time when the industry is facing challenges on rural sales, and sales on diesel vehicles.
 
Similarly Mahindra & Mahindra Ltd. (M&M) logged 14 percent higher sales at 41,856 units last month as against 36,727 units sold in April 2015.
 
President and chief executive Pravin Shah expressed happiness over the growth in sales.
 
He hoped that the apex court would take into account the role of the automotive industry in the industrial growth while deciding on the ban on diesel vehicles in the national capital region (NCR).
 
Commercial vehicle maker VE Commercial Vehicles (VECV) posted 36.5 percent growth in total sales in April at 5,365 units as against 3,930 units sold in the same month last year.
 
The company, a joint venture between Sweden's Volvo Group and Eicher Motors, said Eicher-branded trucks and buses registered total sales of 5,326 units (domestic 4,641 units, exports 685 units) in the last month compared to 3,838 units (3,503 units, exports 335 units) in the corresponding month last year.
 
The company sold 39 units of Volvo trucks last month compared to 92 units in April 2015.
 
Similarly, Ashok Leyland Ltd. said it sold 10,180 units last month up from 8,435 units in April 2015.
 
On the two-wheeler side, Eicher Motors Ltd reported sales of 48,197 units (domestic 47,037 units, exports 1,160 units) up from 33,918 units (domestic 33,118 units, exports 800 units) sold in April 2015.
 
However, two- and three-wheeler maker Bajaj Auto Ltd. went on the reverse gear last month selling 330,109 units down from 336,274 units in April 2015.
 
The company's sales of commercial vehicles last month went down by 24 percent to 38,211 units as against 50,483 units in April 2015.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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