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News INCOME TAX

  • Feb 14, 2020
  • Income Tax dept backs up PM Modi’s professional tax return claims

    The Central Board of Direct Taxes (CBDT) said only 2,200 persons disclosed annual income of more than Rs 1 crore from their professional work in FY19. They include doctors, chartered accountants and lawyers and this is as per returns filed in the current financial year for income generated in the previous one, it said, backing up statements made by Prime Minister Narendra Modi that led to a debate on social media.

    This income from their professions did not include that from other sources such as rent, interest and capital gains, the department said in a series of tweets. “Certain misinformation is being circulated in Social Media pertaining to individual return filers,” CBDT said.

    The statements came a day after PM Modi said that a very small number out of a total 1.3 billion Indians were paying tax.

    “In the last five years, over 1.5 crore cars were sold in India – that too expensive ones. Over three crore Indians went abroad for business or tourism. But in a country of 130 crore people, only 1.5 crore people pay income tax,”he said at a TIMES NOW event on Wednesday.