Zero Tax: Zero income tax means that the taxable income of such people is Rs 5 lakh or less. According to the released data, this time 4.65 crore people have filed zero tax i.e. zero ITR.
ITR Filing: If you have also filed Income Tax Return (ITR) this time, then you must know the update related to it. Yes, this time there has been a record increase in the number of ITR filers. But how many of these people have paid tax, you will also be shocked to see this figure.
According to the data released by the Income Tax Department, this time till July 31, ITR has been filed on behalf of 6.77 crore people. This time there has been a record increase in the number of ITR filers.
4.65 crore people paid zero tax
Do you know how many people have filed zero tax out of 6.77 crore ITRs? If you do not know about this figure, then you will definitely be surprised to know it. Zero income tax means that the taxable income of such people is Rs 5 lakh or less. According to the released data, this time 4.65 crore people have filed zero tax i.e. zero ITR.
The time taken for e-verification is 30 days,
this time a record has been made for the highest number of ITR files in the country. The Income Tax Department said that according to the income tax returns of 4.65 crore people, their taxable income is Rs 5 lakh or less.
ITR filers have got 30 days time for e-verification after 31st July. If you are unable to file ITR for any reason, then you can file income tax return by paying a penalty of up to Rs 5000.
Government’s focus on income tax collection
The government is constantly focusing on increasing the income tax collection. The number of people filing tax returns also increased, but this time 4.65 crore people have filed zero tax. According to this figure, the total number of tax payers is less than half. According to the data released by the Finance Ministry, the number of zero tax payers in the financial year 2019-20 was 2.9 crore.
After this, the number of people filing ITR has increased, but the number of people filing zero tax has also increased rapidly. The data of income tax return shows that the number of taxpayers showing income of more than one crore in the country is 1.69 lakh. Apart from this, taxpayers earning Rs 5 to 10 lakh are 1.10 crore.
