Home Audit & Assurance 2,16,217 Individuals reported income of more than Rs.1 Cr in ITR

2,16,217 Individuals reported income of more than Rs.1 Cr in ITR

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2,16,217 Individuals reported income of more than Rs.1 Cr in ITR

2,16,217 People reported earnings of greater than Rs.1 Cr in ITR

The Minister of State within the Ministry of Finance Shri Pankaj Chaudhary has answered to questions requested in Lok Sabha that 2,16,217 People reported earnings of greater than Rs.1 Cr in ITR.

The Minister Smt. Phulo Devi Netam requested the next questions in Lok Sabha:

(a) the variety of individuals having annual earnings exceeding rupees one crore within the nation, the small print thereof for the final 5 years;

(b) the variety of skilled taxpayers out of such individuals, the small print thereof for the final 5 years; and

(c) the small print of efforts being made by the Authorities to extend the variety of taxpayers?

The Minister of State within the Ministry of Finance Shri Pankaj Chaudhary replied:

(a) The assessment-year-wise variety of people submitting an e-Return with returned earnings of greater than Rs. 1 crore is as beneath:

Word: The e-Returns of AY 2019-20 and AY 2020-21 have been taken as much as 31 Could 2021 and the e-Returns of AY 2021-22, 2022-23 and 2023-24 have been taken as much as 31-Dec-2023.

(b) Complete variety of people reporting ‘Occupation’ as one among their nature of enterprise is as beneath:

Word: (i) ITR-1 and ITR-2 would not have an choice for specifying the character of enterprise in these ITRs.

(ii) Annual earnings consists of each skilled and different sources of earnings.

(c) Efforts made by the Authorities to extend the variety of taxpayers are as beneath –

(i) New Kind 26AS – This new kind contains all info associated to tax deduction or assortment on the supply, specified monetary transactions (SFT), tax cost, demand and refund, and so forth. Moreover, Kind 26AS consists of specifics of SFT information, which informs taxpayers about their transactions prematurely and encourages them to disclose their real earnings.

(ii) Pre-filling of Earnings-tax Returns – Particular person taxpayers have been issued with pre-filled Earnings Tax Returns (ITR) to facilitate tax compliance. Wage earnings, financial institution curiosity, dividends, and different monetary info are among the many gadgets coated by the pre-filing necessities.

(iii) Up to date Return – Part 139(8A) of the Earnings-tax Act of 1961 (the Act) permits the taxpayer to change his return at any time inside two years of the top of the related evaluation by voluntarily acknowledging omissions or errors and paying any further tax which may be relevant. Moreover, an e-verification programme was launched to permit taxpayers to reveal any unreported or under-reported earnings within the amended ITR.

(iv) Discount within the Company tax charge – Company tax charges have been progressively lower for the reason that Finance Act of 2016, whereas exemptions and incentives for firms have been phased out so as to develop the tax base.

(v) Simplification of the Private Earnings Tax – Particular person taxpayers who don’t qualify for particular exemptions and incentives can now pay earnings tax at decrease slab charges beneath the Finance Act of 2020.

(vi) Growth of scope of TDS/ TCS – To convey further taxpayers into the income-tax internet, the scope of TDS/TCS was broadened to incorporate massive money withdrawals, worldwide remittances, the acquisition of a luxurious automobile, e-commerce contributors, the sale of merchandise, the acquisition of immovable property, the acquisition of an abroad tour programme package deal, and so forth.

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