Income Tax dept backs up PM Modi’s professional tax return claims
The PM had sparked a social media debate after he said that only a very small number Indians were paying tax.
This income from their professions did not include that from other sources such as rent, interest and capital gains, the department said in a series of tweets.
Certain misinformation is being circulated in Social Media pertaining to individual return filers. CBDT clarifies:… https://t.co/aPnvU0Smsm— Income Tax India (@IncomeTaxIndia) 1581586843000
In the ITRs filed by individuals in current financial year,only about 2200 Doctors,Chartered Accountants, Lawyers &… https://t.co/TQ1N4XQbGP— Income Tax India (@IncomeTaxIndia) 1581587101000
“Certain misinformation is being circulated in Social Media pertaining to individual return filers,” CBDT said.
The statements came a day after PM Modi said that a very small number out of a total 1.3 billion Indians were paying tax.
“We have so many professionals – big doctors, lawyers, chartered accountants, etc. But only 2,200 professionals declare their annual income of over Rs 1 crore. Just 2,200 professionals! There would be more like this in the Supreme Court itself,” Modi had said.
The department added that the number of individual tax payers who have disclosed income above Rs 5 crore across the country was 8,600, while 316,000 individual tax payers have disclosed income above Rs 50 lakh.
In the current fiscal, 57.8 million individuals have filed returns for their FY19 income. On the other end of the spectrum, 10.3 million individuals showed income below Rs 2.5 lakh, while 32.9 million had taxable income between Rs 2.5 lakh and Rs 5 lakh.
The department added that around 10 million individuals disclosed income between Rs 5 lakh and Rs 10 lakh, while 4.6 million declared income above Rs 10 lakh.
From process centric to citizen centric...towards a better tax system. https://t.co/w4UFan9Tf6— Narendra Modi (@narendramodi) 1581527301000