Income tax: salaried people pay three times more income tax than industrialists, only 25% taxpayers

More than 6 crore income tax return file in the country, only 1.5 crore tax payers …!

Since the end of March, the salaried class has come up with tax havens. However, the highest income tax payers in the country are paying. According to a report, the salaried class in the country pays three times more tax than the industrialists and businessmen. If we talk about non-salary class, it includes people who do their business, run businesses and have professionals like doctors, CAs, architects etc.

According to a report by India’s Revenue Secretary Tarun Bajaj, the average non-salaried person in the country pays a tax of Rs 31,500 per return while the salaried class pays more than Rs 90,000 tax per return. There are more than 6 crore income tax return files in the country, of which only 1.5 crore are taxpayers. 4.32 crore people are out of the tax net due to low income. In the current financial year, taxpayers have paid Rs 6.41 lakh crore in taxes till March 16.

Usually the full income of the salaried class is number one. They receive salary from the office in the bank account and after all deductions including section 80C, the employer pays them salary after their TDS. As a result, the salaried class has to pay more taxes. On the other hand, if we talk about non-salary class, there are entrepreneurs, businessmen and business people who do their work with the help of their clients. The non-salary class gets many benefits under income tax law. Which reduces their tax liability.

75% of people who file returns below Rs 5 lakh
If we talk about the total number of people filing income tax returns in the country, then 75% of the income tax returns are filed for less than Rs.500000 per annum. Similarly, 92 per cent income tax returns are filed for less than Rs 10 lakh. India’s revenue secretary said 96% of non-salaried people earn Rs. Less than 10 lakh income tax returns are filed. 88% non-salaried people earn Rs. Less than 5 lakh file income tax returns.

Non-celeryide has a lower post-tax burden
If a person runs his own small business and installs a machine in his factory, he is entitled to a deduction of 10% of the cost of his machine every year as per the income tax law. This means that if a person has a machine worth Rs. 10 lakhs in his factory, he will get a profit of Rs. 100000 per annum. This amount he can deduct from his own income.