While presenting the Budget 2017-18 in Parliament, Union Finance Minister Arun Jaitley today revealed that in 2015-16, a total of 3.7 crore individuals filed for tax returns.
Amongst these 3.7 crore persons, as many as lakh had income below the exemption limit.
“Of 3.7 crore individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit,” Jaitley said in his budget speech.
Further, the Finance Minister stressed on the differences between direct tax collection and income-expenditure pattern.
“Direct tax collection not commensurate with income and expenditure pattern,” Jaitley stated.
For 2017-18, the budget brought down the Income Tax rate to 5 pc for individuals having income between Rs 2.5 lakh to Rs 5 lakh.