ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • National Highway construction slows to 20.43 km per day in first 4 months of current fiscal
  • Independence Day Special: How investment habits, preferences of people have changed over the past 75 years
  • BMW M4 Competition Coupé 50 Jahre M Edition: Price and features | Photos
  • Financial Independence for Women: top investment tips for the other half to make them independent moneywise
Read in App
Business News » India News

Income tax return (ITR) filing: As fear rises, up to Rs 10 lakh earners rush to pay tax

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Income tax return (ITR) filing: As fear rises, up to Rs 10 lakh earners rush to pay tax
Tax compliance from April-December 2018 among the small income group in the income slab of under Rs 10 lakh has jumped by around 45 per cent

Income tax return (ITR) filing: On account of rise in digital transactions due to the implementation of demonetisation and the GST, tax compliance from April-December 2018 among the small income group in the income slab of under Rs 10 lakh has jumped by around 45 per cent. Taxpayers in the income group of Rs 0 to Rs 5 lakh has gone up by around 44 per cent while in Rs 5 lakh to Rs 10 lakh income group, the number has gone up by around 49 per cent. This growth in the same income group in the corresponding year 2017-18 was mere 16 per cent and 24 per cent respectively. The new taxpayers are mainly from the small business and rental income groups, say tax experts. They said that rise in the digital transaction has created a fear factor among this income group that everything is under government's eye and they can't hide their income now. 

Balwant Jain, an independent tax and investment expert told Zee Business online, "This robust rise in tax compliance among the income group below the Rs 10 lakh income slab is mainly due to the fear factor getting created in their mind after the rise in the digital economy." Jain went on to add that after the implementation of demonetisation and GST, people have a feeling that there is very little scope to keep unaccounted money. Hence, to avoid any penalty in the near future, small businessmen that include vendors of high volume accepting money through Pay-U gateways and residence owners who have put their house on rent. 

On how a rented house owner is forced to report his rental income Jain said, "Even if the house owner is not reporting about his rental income, tenants are reporting about the money they spend on house rent and hence the rental income is coming under the government net and hence the hose owner are forced to report about their rental income." He said that the government has even data of people buying groceries etc. from the e-commerce platforms opting cash on delivery because while doing this a buyer is using his mobile number which is linked to his or her Aadhaar number.

Jain said that apart from rise in the digital economy,  we need to give some credit to government's decision to penalise the late income tax filers too. The Ministry of Finance is aiming to achieve 7.6 crore tax returns this year in comparison to 6.86 crore last year. Till December 31, 2018; more than 6.24 crore income tax returns have been filed online.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Aadhaar for ITR
Written By: ZeeBiz WebTeam
Updated: Mon, Jan 14, 2019
11:34 am
ZeeBiz WebDesk
RELATED NEWS
Income Tax: This is how you can avoid errors on last day to file ITR Income Tax: This is how you can avoid errors on last day to file ITR
Aadhar number not mandatory for registering deaths, clarifies government Aadhar number not mandatory for registering deaths, clarifies government
Income Tax: Made mistake in filing ITR? You can rectify them with a request Income Tax: Made mistake in filing ITR? You can rectify them with a request
Income tax filing: 9 changes that came into effect from April 1 Income tax filing: 9 changes that came into effect from April 1

LATEST NEWS

Har Ghar Tiranga a huge success: Over 20 cr national flags made available to people since the launch of campaign: Officials

Hinduja Global Solutions Q1 results: Profit at Rs 73.2 cr; firm says strong demand for 'customer experience' biz

Salman Rushdie: Why Indian-born novelist was stabbed in New York?

Never Have I Ever season 3 released in India on this OTT platform

Moto Razr 2022 foldable phone launched - Check price, India availability, specifications and more

India home to over 100 unicorns, ranks 3rd in global startup ecosystem: Minister

Noida's Supertech Twin Towers demolition date extended: To be razed on THIS date

75th Independence Day: PM Modi Speech LIVE - When and where to watch on 15 August Red Fort Address

ONGC Quarterly Results: Highest ever! Check Q1 net profit

Tesla stock split date 2022 news: Record date, split history, TSLA Nasdaq share price - All details and latest updates

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV