In a recent session of Rajya Sabha, the Minister of State in the Ministry of Finance, Shri Pankaj Chaudhary, addressed queries on the income profiles of taxpayers in the country.
The detailed responses shed light on the number of high-income individuals, efforts to boost taxpayer numbers, and initiatives taken by the government to streamline the tax-filing process.
Key Highlights:
1. 2,16,217 Individuals Report Income Beyond Rs. 1 Crore in ITR:
– Shri Pankaj Chaudhary revealed that a staggering 2,16,217 individuals reported an income exceeding Rs. 1 crore in their Income Tax Returns ( ITR ).
2. Breakdown of High-Income Individuals Over the Last Five Years:
– The assessment-year-wise breakdown showcased the trend in individuals submitting e-Returns with income surpassing the Rs. 1 crore mark. Notably, data up to December 2023 was considered, with efforts to include the most recent returns.
3. Professional Taxpayers among High-Income Individuals:
– The query posed by M P Phulo Devi Netam delved into the professional aspect of high-income individuals. The response outlined the total number of individuals reporting ‘Profession’ as one of their nature of business over the past five years.
4. Government’s Initiatives to Boost Taxpayer Numbers:
– Shri Pankaj Chaudhary outlined various proactive measures taken by the government to enhance taxpayer participation and streamline the taxation process. Some notable initiatives include:
– Introduction of the New Form 26AS, offering comprehensive information on tax-related aspects and financial transactions.
– Implementation of pre-filled Income Tax Returns ( ITR ) to simplify the filing process for individual taxpayers.
– Facilitation of an updated return system, allowing taxpayers to voluntarily rectify omissions or errors within a stipulated time frame.
– Corporate tax rate reductions, phased out exemptions, and incentives to broaden the tax base.
– Simplification of the Personal Income Tax, enabling individuals without specific exemptions to pay at lower slab rates.
– Expansion of the scope of Tax Deducted at Source ( TDS ) and Tax Collected at Source ( TCS ) to include various transactions, thereby bringing more taxpayers into the income-tax net.
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