How many taxpayers are there in India 2013?
For instance, about 13.9 million tax payers earned between 250,000 and 500,000 Indian rupees annually, while 2.4 million tax payers made over one million in a year….Number of income tax payers across India in FY 2013-14, based on income range (in millions)
|Characteristic||Number of income tax payers|
What is the income tax rate in India in 2019?
Income Tax Slabs and Rates for Financial Year: 2019-20
|Income Tax Slab||Individuals below the age of 60 years|
|Up to `2,50,000||Nil|
|2,50,001 to 5,00,000||5%|
|5,00,001 to 10,00,000||12,500 + 20% of total income exceeding 5,00,000|
|Above 10,00,000||1,12,500 + 30% of total income exceeding 10,00,000|
Who gave tax in India?
To fill the treasury, the first Income-tax Act was introduced in February 1860 by Sir James Wilson (British India’s first finance minister). The act received the assent of the governor-general on 24 July 1860, and came into effect immediately. It was divided into 21 parts, with 259 sections.
Which community is highest tax payer in India?
As per national survey NFHS-4 conducted in 2018 Jains was declared wealthiest of any community with 70% of its population living in top quintiles of wealth.
What are the income tax rates in India?
These rates are subject to enactment of the Finance Bill 2012. The rates are for the previous Year 2012-13: 1. Income Tax Rates 1.1 For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals
Are there any changes in income tax slab in India?
But this year, the Budget was a disappointment for taxpayers, because there is no change in the Income Tax slab rates for the Financial Year 2013-14. With a very high level of consumer inflation, tax payers are disappointed over the recent Budget. Income Tax is calculated on a slab system. There are 3 tax slabs of 10%, 20% and 30% in India.
What was the fiscal deficit of India in 2013-14?
Plan Expenditure placed at Rs. 5,55,322 crore. It is 33.3 percent of the total expenditure while Non Plan Expenditure is estimated at Rs. 11,09,975 crore. The plan expenditure in 2013-14 will be 29.4 percent more than the RE of the year 2012-13. Fiscal Deficit for 2013-14 is pegged at 4.8 percent of GDP.
What are the income tax rates for 2012-13?
The rates are for the previous Year 2012-13: 1. Income Tax Rates 1.1 For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals *In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is INR 250,000