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Taxpayers earning over Rs 1 cr in AY 2015-16 grew 24%: CBDT
New Delhi, Dec 20 (IANS) While the number of Indian taxpayers earning over Rs 1 crore increased over 23.5 per cent to 59,830 during the assessment year 2015-16, the larger number of individuals in this category had Rs 50,889 crore less income than in the previous year, data released by the government showed on Wednesday.
According to data from the Central Board of Direct Taxes (CBDT), for fiscal 2014-15, corresponding to tax assessment year 2015-16, 59,830 individuals with gross total income of over Rs 1 crore had a cumulative income of Rs 1.54 lakh crore.
During the previous assessment year (AY) 2014-15, the number of individuals with gross income of over Rs 1 crore were 48,417 with a cumulative income of Rs 2.05 lakh crore.
As many as 4.07 crore individuals filed income tax returns in AY 2015-16, of whom around 82 lakh showed zero income or less than Rs 2.5 lakh, which is not liable for tax.
For assessment year 2014-15, 3.65 crore people filed returns, with 1.37 of these crore showing zero or less than Rs 2.5 lakh income.
The combined income of all individual assessees rose to Rs 21.27 lakh crore in AY 2015-16, from Rs 18.41 lakh crore in the previous year.
The Rs 2.5-3.5 lakh income category had the largest number of 1.33 crore individuals during AY 2015-16.
There were 55,331 persons with income between Rs 1 crore and Rs 5 crore during the latest assessment year for which figures have been released. while there were 3,020 individuals with income between Rs 5 crore and Rs 10 crore, a total of 1,156 individuals had income between Rs 10 crore and Rs 25 crore in AY 2015-16.
The number of individuals in the Rs 100-500 crore group rose to 31, from 17 in AY 2014-15.
The CBDT data also showed that as many as 4.35 crore income tax returns, including those by corporates, were filed in AY 2015-16 with total income declared of Rs 33.62 lakh crore.
“In continuation of its efforts to place more and more information in public domain, the CBDT has released data relating to distribution of income and tax payable in respect of returns filed for the AY 2015-16,” a Finance Ministry release said here.
“With this release, detailed income-tax data for four recent assessment years (apart from Time-series Data from financial years 2000-01 to 2016-17) have become available in public domain enabling researchers, scholars, policy makers, students and all other stakeholders to make a better analysis of the trends in incomes and tax payments,” it added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.