BUDGET 2017

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BUDGET 2017

budget 2017

Few interesting facts regarding Indian tax payers raised by FM, during hisBudget Speech for 2017-18.

1. During 2015-16 tax return filed by 3.7 cr Indian.
2. Out of 3.7 Cr, 99 Lacs shown their annual income less than 2.5 Lacs, hence only 2.71       Cr(3.7 -0.99)paying tax.
3. 1.95 Cr shown their annual income 2.5 Lacs to 5 Lacs, i.e. under 10% tax bracket.
4. 52 Lacs shown their annual income 5+ Lacs to 10 Lacs, i.e. under 20% tax bracket.
5. In 5+ Lacs income group of 96 Lacs, 56 Lacs are salaried class people.
6. 24 Lacs shown their annual income 10+ Lacs, i.e. under 30% tax bracket.
7. Only 1.72 Lacs people’s annual income is 50+ Lacs.


Few contradicting facts are also revealed, simultaneously,

1. 1.25 Cr Car sold during last 5 yrs & every yr about 39 Lacs including commercial             vehicles.
2. 2 Cr people visited foreign countries for business & tourism purpose during 2015-16.
3. 13.94 Cr companies have been registered up to 31st Mar 2014.
4. 5.97 Lacs companies submitted return for 2016-17 assessment year. Out of that 2.76       Lacs shown zero profit/loss. i.e. 7.97 Lacs companies submitted return for 2016-17           assessment year.
5. 5.6 Cr people are doing small scale business, but only out of that only 1.81 Cr submit       tax return.
6. 2.85 Lacs Companies shown Annual Profit within 1 Cr.
7. 28,667 No Companies shown Annual Profit within 1+ Cr to 10 Cr.
8. 7781 No Companies shown Annual Profit within 10+ Cr.
9. From 8th Nov’16 to 30th Dec’16-2 Lacs to 80 Lacs deposited in 1.09 Accounts &               80+Lacs deposited in 1.48 Lacs.


In view of above it is clear that there are many tax evaders in the system before DeMo. It became a natural practice to evade tax so how by hook or by crook. Few areas are known to general people, e.g. Private Professionals like Doctors, Lawyers, Middle Men, Small & Medium Shop Keepers & Businessmen, Mundi / Bazaar Operators, Real Estate Sector, Rich Part time Farmers, Politicians, etc


 

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