Total income tax returns amounted to Rs 19 lakh crore in 2012-13

The highest amount of Rs 12.13 lakh crore IT returns coming from the Business Income group, followed by Salary Income which amounted to Rs 6.26 lakh crore.

Total income tax returns amounted to Rs 19 lakh crore in 2012-13
Finance Minister Arun Jaitley delivers the valedictory address at the Platinum Jubilee Celebrations of Income Tax Appellate Tribunal, in New Delhi on Jan 25, 2016. Photo: IANS
By ZeeBiz WebTeam
Updated: Sat, Aug 20, 2016
07:38 pm
Mumbai, ZeeBiz WebDesk
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Income Tax (IT) Returns for assessment year 2012-13 was distributed 3.12 crore entities which include individual, Hindu Undivided Family (HUF), firm, Association of Persons (AOP)/ Body ofIndividuals (BOI), Companies and others. 

The highest amount of Rs 12.13 lakh crore IT returns coming from the Business Income group, followed by Salary Income which amounted to Rs 6.26 lakh crore.

The total IT returns income amounted to Rs 19.07 lakh crore after a loss setoff of Rs 43,400 crore in AY2012-13.

In the individual salary income the highest amount of IT returns in 2012-13 was in the bracket of Rs 5.5 lakh to Rs 9.5 lakh. This salary income bracket 20.29 lakh number of IT returns filed which had a sum of salary income of Rs 1.40 lakh crore. It was followed by the income bracket Rs 2.5 lakh to Rs 3.5 lakh with 19.31 lakh returns which has a sum of salary income of to Rs 57,446 crore.

This proves that the middle class still provides the maximum amount of income tax to the government.

In the Business Income group the maximum IT returns were received from the income bracket over Rs 500 crore. The group had sum of business income of Rs 4.05 lakh crore from just a small number of 174 businesses filing returns.

Among all taxpayers the income bracket of above Rs 500 crore had the highest returned income of Rs 4.09 lakh crore to 181 number of people. It was followed by the income bracket of Rs 1.5 to 2 lakh which had a sum of returned income of Rs 2 lakh from 1.12 crore number of returns.