Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Just over 2 crore Indians, or 1.7 per cent of the total population, paid income tax in the assessment year (AY) 2015-16, according to data released by the 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 Rs 1.88 lakh crore in AY 2015-16 from Rs 1.91 lakh crore in AY 2014-15.
The data, released last week, indicates just over 3 per cent of the 120 crore population filed returns. Of these, 2.01 crore paid nil income tax, 9,690 paid tax of over Rs 1 crore. Only one individual paid over Rs 100 crore in taxes (Rs 238 crore to be precise).
Maximum among of 19,931 crore was collected from 2.80 crore tax filers who paid between Rs 5.5 lakh to Rs 9.5 lakh in taxes. As many as 1.84 crore returns were filed for payment of income tax of less than Rs 1.5 lakh or an average of Rs 24,000.
Of the 4.07 crore tax returns field in AY 2015-16, close to 82 lakh showed zero or income less than Rs 2.5 lakh. Currently, no income tax is for income up to Rs 2.5 lakh.
In AY 2014-15, 3.65 crore filed tax returns with 1.37 crore showing zero or less than Rs 2.5 lakh income. The combined income of all individual tax filers rose to Rs 21.27 lakh crore in AY 2015-16 from Rs 18.41 lakh crore in the previous year.
Maximum number of 1.33 crore individuals were in Rs 2.5 lakh to Rs 3.5 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 Rs 33.62 lakh crore.
In the previous year, 3.91 crore returns were filed with Rs 26.93 crore declared income. Companies filed 7.19 lakh returns with gross income of Rs 10.71 lakh crore.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Only half the Sensex stocks have bettered the index’s return in the last 10,000-point journey
High valuation and stiff competition from larger players are a dampener
Investors with a short-term perspective can buy The New India Assurance Company (NIACL) stock at current ...
₹1490 • HDFC Bank S1S2R1R2COMMENT 1475146015051520 Fresh short positions are recommended with a stiff ...
What makes the new crop of young Indian cricketers such game-changing winners? Over and above their talent, ...
For their dead, Parsis practise a 3,000-year-old system where corpses are excarnated in the Tower of Silence, ...
The morning she gave Peter and Neha, and their baby daughter Minty, a tour of Ambassador Apartments, Mrs ...
It’s the 111th birth anniversary of jazz musician and guitar genius Jean ‘Django’ Reinhardt. This week’s quiz ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor