- 'I want my school fees back': Shashi Tharoor's tweet has got the Internet rushing to the dictionary, again
- Anushka Sharma-Virat Kohli's Mumbai reception invite has a very important message attached to it. See photo
- Rohit Sharma reveals the secret behind his 3rd ODI double century to Ravi Shastri, watch video
The number of companies that filed tax returns for business income over Rs 100 crore registered a decline of 8 per cent at 683 in 2013-14, down from 742 companies in 2012-13 and 724 companies in 2011-12.
According to the detailed direct taxes data released for assessment years 2013-14 and 2014-15 by the income tax department, the total business income of the 683 companies featuring in ‘more than Rs 100 crore business income category’ was around Rs 4.6 lakh crore in 2013-14, compared with Rs 5.5 lakh crore business income in 2012-13 and Rs 5.2 lakh crore in 2011-12.
Watch What Else Is Making News
The decline in number of tax returns by companies for their business income in 2013-14 is reflective of the moderation in both domestic and global demand and sales growth of companies during the same period. According to the Reserve Bank, sales growth of 2,854 private (non-financial)
companies moderated for the third consecutive year during 2013-14, caused by decrease in the sales growth of manufacturing sector and the services sector (other than IT). Net profit of the manufacturing sector too contracted in 2013-14 after recovering to some extent last year.
Even the number of companies paying taxes over Rs 100 crore registered a decline in 2013-14 to 258 from 270 in 2012-13 and 259 in 2011-12. Out of the total 7,01,566 tax returns filed for business income by companies in 2013-14, the highest number of returns of 3,83,221 were seen for zero business income category. For 2012-13 also, the highest number of returns were 3,34,494 in the zero business income category.
The income tax returns for individuals, however, had new entrants in the category of salary income over Rs 100 crore with two individuals featuring in the category in both 2013-14 and 2012-13. There was no individual in the same category of salary income over Rs 100 crore in 2011-12. One individual paid tax of over Rs 500 crore in 2013-14 as against no individual in the preceding years of 2012-13 and 2011-12. Three individuals paid tax of more than Rs 100 crore but less than Rs 500 crore in 2013-14 as against two individuals in the same category in 2012-13 and three individuals in 2011-12.
For firms, 16 tax returns were filed for business income over Rs 100 crore but less than Rs 500 crore in 2013-14 as against 15 tax returns in the same category in 2012-13 and 28 tax returns in 2011-12. Two firms had filed tax returns in the business income of over Rs 500 crore in 2011-12, which reduced to zero in the following years of 2012-13 and 2013-14, the tax department’s data showed. Similarly, only one firm had paid tax over Rs 100 crore but less than Rs 500 crore in 2011-12. No firm paid more than Rs 100 crore tax in subsequent years of 2012-13 and 2013-14.
The tax data showed that over 76 lakh new assessees were added between assessment years 2012-13 and 2014-15, pushing up the total number of individual return filers to over 3.65 crore. 2.89 crore individuals filed tax returns during 2011-12, which increased to 3.35 crore in 2012-13 and further to 3.65 crore in 2013-14. Of the 3.65 crore individuals who filed returns in 2013-14, 1.95 crore individuals were in the zero salary income category. The remaining 1.70 crore individuals have registered a cumulative salary income of over Rs 9.79 lakh crore.
According to business-wise classification, film laboratories and sugar manufacturers featured among the lowest three taxpayers in 2013-14 and 2012-13. In the assessment year 2014-15, 1,019 sugar manufacturers including 360 corporate taxpayers and 659 non-corporate taxpayers paid taxes, the data showed, while in 2013-14, 873 sugar manufacturers paid taxes.
Textiles, handloom and powerloom industries with around 1.77 lakh taxpayers were among the highest number of taxpayers in the manufacturing segment in 2013-14.