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5. Budget 2016 expectations and income tax relief: Today, the average tax rate of 10% gets attracted only on taxable incomes beyond Rs 7,00,000. As a result, majority of the taxpayers, more particularly those having mainly interest incomes, are required to claim sizable income-tax refunds. The Income-tax Department is also required to collect taxes in a very large number of such cases, merely to refund a substantial chunk of such collection, along with interest thereon. (Express photo)
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2. Income Tax Returns: Centralized Processing Centre (CPC), Bengaluru has processed 3.27 crore returns as of December 31, registering a growth of 18 per cent over 2.65 crore returns processed during the corresponding period of the previous fiscal. (Express Photo)
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The department is particularly enthused by the NMS drive as recently over 11 lakh taxpayers filed their IT returns for Assessment Year 2014-15 after the department tracked them through this programme. (Express Photo)
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4. Income Tax Returns: The number of tax payers in the income bracket of Rs 1 crore and below was 2.39 crore as of October 31 last year. For 2014-15 it was 3.66 crore; 3.73 crore in 2013-14 and 3.26 crore in 2012-13. (Express Photo)
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5. Income Tax Returns: The Department is committed to continuously improving the quality of tax payer services and enhance taxpayer satisfaction, it added.
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