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Income Tax authorities clarifies on high net worth individuals

International   |   Glibs Quick   |   Feb 13, 2020, 15:18 PM

Income Tax India has gone on to clarify on high net worth individuals. It said that 'certain misinformation is being circulated in Social Media pertaining to individual return filers. CBDT clarifies: During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19.Out of these,1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclosed taxable income between Rs.2.5 lakh to Rs.5 lakh. Out of 5.78 crore returns filed during this financial year,4.32 crore individuals have disclosed income upto Rs 5 lakh.The Finance Act, 2019 has exempted individual tax payers having income up to Rs 5 lakh. Therefore, these 4.32 crore individual tax payers having income up to Rs 5 lakh shall not be liable to pay tax for the current financial year 2019-20 and subsequent years.Hence, only around 1.46 crore individual tax payers are liable to pay income-tax. Further, around 1 crore individuals disclosed income between Rs. 5-10 lakh and only 46 lakh individual tax payers have disclosed income above Rs.10 lakh.Only 3.16 lakh individual tax payers have disclosed income above Rs 50 lakh. The number of individual tax payers who have disclosed income above Rs 5 crore in the whole of the country is only around 8,600'.

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