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Income Tax Return filing Fees may be introduced by Budget – 2022?
Finance Minister Nirmala Sitharaman is seeking suggestions from stakeholders for its annual budget for 2022-23 to be presented in the parliament on 1ST Feb 2022. Every budget is a time to introspect and retrospect and explore the possibility of generating additional revenue so as to achieve its social economic objectives.
Another one in the pipeline could be the introduction of the “Income Tax Return filing Fees”
The present income tax return filing process is coupled with following statistics:
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Only 8,600 individuals have revealed that their annual income is above Rs 5 crore.
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About 42,800 people have declared taxable income of over Rs 1 crore annually.
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Further, four lakh people with income more than Rs 20 lakh.
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Only 2,200 doctors, chartered accountants, lawyers and other professionals have disclosed annual income of more than Rs 1 crore from their profession.
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1% of the taxpayers account for 63% of the income taxes revenue contribution.
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In short, 99% of taxpayers are filing the return within minimal taxes.
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Only 1.46 crore individuals in India are liable to pay income tax, which is less than 1% of the population.
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Out of gross tax revenue of Rs 24,23,020 crore for 2020-21, the income tax was budgeted at Rs 6,38,000 crore which comes to 26.30% of total revenue receipts. Corporate tax of Rs 6,81,000 crore (28%), GST Rs 6,90,500 crore (28.5%), excise duties Rs 2,67,000 crore (11%), customs Rs 1,38,000 crore (5.70%), and service tax Rs 1,020 crore (0.045%).
Nikhil
If in case this policy introduced then from the date of implementation , we whole India will directly oppose the Government and we will not pay any single rupees of tax , THAT may be GST, INCOME TAX, EXCISE DUTY OR SERVICE TAX etc… Stop this nonsence Madam Nirmalasitaraman you are just a elected 5 years political representative not permanent MP, YOU ARE MP OF THE DEMOCRATIC COUNTRY, make some rules for betterment of people not for percentage political idiots even from your party also.
We the tax payers and Voters
This is just a non sense proposal. Has to be struck down before introduction.
Amit Trivedi
Rather Govt. Should impose Tax on all concerns who enjoys Govt. Subsidies, Govt. Officials in terms fringe Benfits
Noorulla Shariff
For partnership firm fee of Rs.5,000/- is not justified, it may be bring down to Rs.1,000/-
Ramesh Jain
its like shop keeper saying you have to pay extra for bill because we need to use people + good paper + good hardware
above figure surprising that 99% logo ka bojha 1% log dhote hai un per aur bhoj dalo
Prakash
This is bound to happen as FM thinks that by giving exemption upto 500000/- FM has done a favor to tax payer. That is wrong let FM give some relief in minimum exemption limit and then tax the balance. FM has to see that since last so many years they have not increased the minimum exemption limit. Let her increase the limit and tax whole amount, then everyone will pay some tax.
Atit Shah
What’s d source of this ?
Kumar Muthukrishnan
Even people with no tax now dont file returns. Its a tragedy to penalise the law abiding citizens. Instead remove income tax fully and put expenditure tax . Pension of any sort to be fully exempted from income tax. Senior citizens not to be taxes if they receive pension.as ot ia a livelihood compensation or for their yester years contribution for the nation building. Lvying charge for filing tax? Real mockery.
KAILASAM P
Yes it is good option.
S R Nagula
Why not ! Should be introduced.!
Venu Poddar
good step
Ajay Gupta
Very poor thinking and I’ll conceived notion. On the one side, government wants to have more people to file return but if such fee is levied would it not discourage filing of returns. Further, the IT department is run from tax payers money and why shall he shell out money for being compliant in filing return.
Parag Chheda
Will the individual have to pay the ”Return Filing Fees” even if he is under income.
Prakash
Do government can implement banking transaction tax whereas tax is deducted on every receipt.
Vinodh
What is the point in taxing the same set of people who are already contributing to nation building by paying taxes or being honest in filing the returns, and on the other hand govt will be feeding lazy people for vote bank policies. They should bring in a tax for non filers of Income tax as small as 100 rs p.a will collect more revenue, atleast everyone will contribute towards nation building.
Dr J S Dahiya
Charging for services is ok but what happens for implementation of laws against law breakers particularly VVIPs for hate speeches of religion or cast or gender, the honest citizen is always put to the wall. Think of pension to honourable MP/ MLA in multiple with no tax while an employee serving for his whole life pay tax on his own contributions. Stop distributing free electricity, freebies etc to be in power, instead provide avenues for work and Make citizens self reliant.
Nilesh Saiya
Of course it should be levied, but Infosys should guarantee else they will have to refund double of what is paid.
Further, augment number of filers. Income tax on agriculture income above 10 lakh be introduced. All exemptions/ deductions should be scrapped.
Pravin
It will be an unpleasant move for small Taxpayers, instead govt shall look for curtailment of their hi-fi expenses, must limit the frequent paygifts through pay-commission, it is burdening Treasury, so such nonsense steps Govt. is planning for.
Pawan Lath
I totally agree that all set of People specifically Agriculture Income( above 10 lac)should be Taxed as all black money is touted by Agriculture Income route . all should be definitely taxed…