Income Tax Return Statistics for Assessment Year 2018-19 released by CBDT. Read Key Trends
Central Board of Direct Taxes has been releasing key statistics relating to direct tax collections and administration in public domain from time to time.
In continuation of its efforts to place more and more information in public domain, the Central Board of Direct Taxes has further released Time-series data updated up to F.Y. 2018-19 and income-distribution data for A.Y. 2018-19 (F.Y. 2017-18).
The availability of the Time-series data and the income-distribution data in the public domain will be useful for the academicians, research scholars, economists and the public at large in studying long-term trends of various indices of the effectiveness and efficiency of direct tax administration in India.
The statistics have been generated from e-filed returns (digitally signed, e-Verified or where ITRV has been received) submitted up to 15th August 2019.
The Department has applied Consistency Rules to eliminate returns with inconsistent data. Total of 5,87,21,477 returns were checked against consistency rules and 5,87,13,458 returns meeting the consistency rules were used for statistical analysis. Thus 8019 returns with inconsistent data were omitted.
Income Tax Return Statistics for Assessment Year 2018-19 – Key Trends:
1. Individuals still the top return filers
Total number of returns by individuals were 94.11 % with return income contributing to 65.55% of the total returned income. While Company return were less than 1.50 % and contributed to 25% of the total returned income.
2. Only 329 returns contributes 16.17 % of total GTI
Out of total returns, 19.39% of returns were in the income bracket of Rs. 5.50 to 9.50 lakhs and contributed to 15.65% of the total Gross Total Income. While 364 number of returns returns were in the income bracket of more than 50000 lakhs and contributed to 16.17% of the total Gross Total Income.
3. Business income top contributor to total GTI
Out of total Gross Total Income, business income was 45.64% while salary income was 37.54%.
4. More than 1/3 of returns in Meager income bracket
Out of total number of returns, 38.29% were in the income bracket of Rs. 2.50 to 3.50 lakhs only.
5. Few returns in in High tax brackets
Total number of returns in the income bracket of more than Rs. 10 lakhs were only 4511419 i.e. 7.68% of the total returns.
6. Corporate Taxpayers far behind with Non Corporate Taxpayers
Out of returns with business income, corporate tax payers was only 3.27% of the total taxpayers with business income
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