Above Rs 500 crore business income: Only 200 companies file return

The average business income of the 200 companies featuring in ‘more than Rs 500 crore business income category’ was around Rs 2,215 crore in the assessment year 2012-13.

By: ENS Economic Bureau | New Delhi | Published:May 1, 2016 1:22 am
companies tax returns, income tax returns, corporate tax returns, india tax slabs, budget tax, business news, india news Agro-based industries with around 3.73 lakh taxpayers were among the highest number of taxpayers in the manufacturing segment.

Only 200 companies filed tax returns for business income of above Rs 500 crore in assessment year 2012-13, accounting for mere 0.03 per cent of total 6,35,034 tax returns for business income filed by companies. Among firms, only two filed tax returns out of total 8,62,408 returns filed under the same category.

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According to the data released by tax department, the average business income of the 200 companies featuring in ‘more than Rs 500 crore business income category’ was around Rs 2,215 crore, while the average business income of two firms in the same category was around Rs 970 crore in the assessment year 2012-13. Out of the total 6,35,034 tax returns filed for business income by companies, the highest number of returns of 3,22,013 were seen for zero business income category.

For firms, out of the total 8,62,408 returns filed for business income, the highest number of returns were seen in the ‘0 to less than Rs 1.5 lakh’ business income category, the data showed.

According to business-wise classification, film laboratories and sugar manufacturers featured among the lowest three taxpayers in the assessment year 2012-13, both accounting for a miniscule 0.02 per cent of total 91,86,026 business taxpayers. In the assessment year 2012-13, 982 sugar manufacturers, including 373 corporate taxpayers and 609 non-corporate taxpayers paid taxes, the data showed.

Agro-based industries with around 3.73 lakh taxpayers were among the highest number of taxpayers in the manufacturing segment. Other taxpayers in the manufacturing category included 1,817 tobacco manufacturers, 3,580 cement manufacturers and 2,976 tea/coffee manufacturers among others.

Under the services category of taxpayers, transporters and consultancy services featured among the highest number of taxpayers at 1,17,059 and 1,17,018, respectively. 34,413 beauty parlours and 21,234 BPO service providers were among the other taxpayers in the services category in the assessment year 2012-13. The lowest number of taxpayers in services category was seen for forex dealers for 1,375, the data showed.

In the financial services sector, 62,088 moneylenders filed tax returns along with 3,343 banking companies and 4,217 chit funds. The data made public by the CBDT on Friday shows the total number of taxpayers in the country, income disclosed in returns by various categories of taxpayers and the number of permanent account number (PAN) holders in the country for a chosen period of time.

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