Intellectual Thoughts !!!!!: 2019


Sunday, October 20, 2019

Number of crorepati taxpayers up 20% to 97,689 in AY 2018-19: CBDT data



The Central Board of Direct Taxes  of India (CBDT) has now come out with a detailed break-up of data collected from income tax returns (ITR). 

According to the report, the number of crorepati taxpayers in India shot up 20% to 97,689 during assessment year I,e AY  2018-19 or FY 2017-18

The number of such individuals having taxable income of over 1 crore stood at 81,344 during AY 2017-18.



Here are few   important  statistics:


  India's super-rich club of those earning taxable income of above 500 crore has only 3 individuals.  

over 1.7 lakh people filed income tax returns with zero income.

There were at least 89,793 people in India who earned in between 1 crore and 5 crore. In the 5-10 crore income bracket, India had 5,132 taxpayers while the 10-25 crore range had a little more than 2,000 individuals

If the salary break-up is considered, most of the taxpayers (over 81 lakh) seem to be earning a salary in between 5.5 lakh and 9.5 lakh. The average salary income in this category is 7.12 lakh.

If taxpayers across categories like individuals, HUFs, companies, firms, etc are included, the number of those with taxable income of more than 1 crore per annum rises to about 1.67 lakh, a 19% jump from the previous year.





Over all, more than 5.87 crore income tax returns were filled, as per the statistics generated from e-filed returns (digitally signed, e-verified or where ITRV has been received) submitted up to August 15, 2019.

The data revealed that over 5.52 crore individuals, 11.3 lakh HUFs, 12.69 lakh firms and 8.41 lakh companies were among those who filed returns. 

Here is the link to the report.


Saturday, September 21, 2019

India slashes corporate tax to fire up economy, Dalal street responds with a massive surge.



Diwali came early for India Inc and the bourses after the Centre slashed effective corporate tax to 25.17 per cent. Indian  Finance Minister says the new rates would be "comparable with the lowest tax rates in South Asian region and in South East Asia". The announcement sent shares soaring more than five percent in Mumbai -- the biggest jump in 10 years .



Here's what India FM announced on Friday,  20th Sept :

  • Domestic company to pay income tax at the rate of 22% subject to condition they will not avail any incentive or exemptions. 
  • Manufacturing companies set up after October 1 to get option to pay 15% tax. Effective tax rate for new manufacturing firms to be 17.01% inclusive of surcharge & tax.
  • Listed companies that have announced buyback before July 5, 2019, tax on buyback of shares will not be charged.

  • Higher surcharge will also not apply on capital gains on sale of security including derivatives held by FPIs.

  • Enhanced surcharge will not apply to capital gains arising on equity sale or equity-oriented funds liable to STT stabilise flow of funds into capital markets.

  • To provide relief to companies availing of concessions and benefits, a MAT relief by reducing it from 18% to 15%.
  • CSR 2% spending to include government, PSU incubators and public funded universities, IITs, National  Labs & autonomous  bodies engaged in  research in science, technology, engineering & medicines. 
The following graphics from Eco times of India  sums it all.


Sunday, May 12, 2019

Cyclone Fani: Odisha struggles to rebuild, here's how you can donate....


Cyclone Fani, which battered the Odisha coast last week, wreaked havoc across one of India’s poorest states. While preparedness helped bringing down fatalities, the damage to public infrastructure has been extensive.

Winds travelling at nearly 200 kilometre per hour tore through 14 districts in the state, affecting nearly 1.51 crore people in 16,647 villages, and killing 37 on May 8. Nearly 43,643 kilometre of transmission lines have been affected, leading to power outages, according to Odisha State Disaster Management Authority. Over five lakh houses have been damaged, it said.

The state’s especially affected and its recovery becomes impeded since one out of every three people in Odisha lives below the poverty line, according to UNICEF. 

Odisha Chief Minister Naveen Patnaik, in a tweet, sought Rs 10,000 crore for energy infrastructure and Rs 7,000 crore for “disaster-proof houses” and telecom network that that can withstand extreme weather. The central government has so far given Rs 1,341 crore to cyclone-ravaged Odisha. But much more needs to be done.

Several citizens and organisations have come forward to help the state get back to normalcy.

Was  trying to  find  info  on how to contribute. 

Followings are found in different website  and  reproduced here  without  checking authenticity or necessary  permission of the respective websites


Here’s how you can help.
1. Chief Minister’s Relief Fund



You can donate online directly to the Odisha Chief Minister’s Relief Fund. There is the option to write a cheque or a bank draft in favour of “Chief Minister’s Relief Fund, Odisha”,
 payable at Bhubaneswar, with the following mailing address:

Additional Secretary to Government
Chief Minister’s Relief Fund
General Administration & Public Grievance Department
Odisha Secretariat, Bhubaneswar-751001


2.  Amazon
Ecommerce major Amazon has initiated a donation drive on its platform to rehabilitate the livelihoods of disaster-hit families. You can make a contribution by scanning the QR code using your Amazon app or make an UPI payment here.

3. Zomato
Victims of Cyclone Fani being served food by the Feeding India volunteers
Foodtech unicorn Zomato has collaborated with Feeding India and announced a relief drive to provide succour for victims in the cyclone-affected area and pave the way for public participation. 

You can contribute to food relief directly through the Zomato platform, or sign up to be a volunteer to provide assistance on ground or even drop off essential items like utensils and clothing here.

4.  Habitat for Humanity
Habitat for Humanity is assisting the rehabilitation operations in Odisha
Habitat for Humanity India, a non-profit organisation, has deputed its Rapid Response Team and mobilised volunteers to assist in recovery operations and rebuilding the lives of families affected by Cyclone Fani. In the first phase of the response, 
Habitat India is reaching out to affected individuals and families with humanitarian aid kits and emergency shelter kits. You can donate here.

5.  Paytm
Fintech major Paytm has opened up contributions on its digital payments app to enable users to contribute to relief and rehabilitation efforts in Odisha. Users have the option to contribute to the Odisha Cyclone Relief Fund on the Paytm app.


6. SEEDS India
SEEDS India is reaching out to 100,000 people in the most affected regions with safe drinking water, hygiene kits, and medical camps. The not-for-profit organisation is providing safe drinking water to affected families through local water treatment and organising health camps to provide urgent medical attention to the victims of Cyclone Fani.


 
7. SOS Children’s Villages of India
SOS Children’s Villages of India has set up two relief camps, reaching out to 1,000 affected families who are most vulnerable, with safe childcare spaces for children being created in these relief camps.

8. ActionAid Association

ActionAid Association has its emergency response teams on the ground, who are ready to do an early assessment and find out needs of impacted populations. ActionAid teams, which are closely monitoring the situation in Odisha and West Bengal, have been working with the state government and other institutions, supporting the evacuation of locals and spreading early warning measures with the local community radio.

9.  Goonj
Non-governmental organisation Goonj is accepting monetary contributions as well as materials including food, utensils, clothes, toiletries, essentials, and other items. To make a contribution, visit this page.


10. Ketto
Crowdfunding platform Ketto is helping raise funds for the affected families
Disaster relief NGO Rapid Response has asked for Rs 10,00,000 on the crowdfunding website Ketto, to distribute 1,000 relief kits to 1,000 worst affected families. Make your contribution online here.

11. Milaap
Milaap is aiming to raise a total of Rs 1 crore for the victims
Organised by the Kalinga Swaraj Foundation, the campaign is aiming to raise a total of Rs 1 crore, of which over Rs 11.6 lakh has already been received. You can make a donation by clicking here.

12.  Oxfam India
Oxfam has thrown open its platform for monetary contributions from people
NGO Oxfam India is looking out for monetary donations, which will go towards water, emergency food supplies, shelter and hygiene kits, rehabilitation, and long-term recovery. To donate, go here.

13. HelpAge India
HelpAge is providing relief intervention for those affected in Cyclone Fani
The NGO has created a portal and is accepting monetary donations to rebuild the lives of those affected by the cyclone. The organisation will use the money for rations, medical supplies, and other relief materials.

14. World Vision
The international disaster management agency has opened a relief fund donations page for India and Bangladesh. The agency will release the funds to their local partners doing relief work. Make a donation online here.

15.  DonateKart
This website has listed a few essential items such as rice, water, wheat, and sanitary napkins among others that people can choose from and donate. You can buy items for relief by clicking here.

16. UNICEF 

UNICEF is welcoming donations for children’s healthcare and nutrition in Odisha
UNICEF is asking for donations towards children’s healthcare, nutrition, safe drinking water and protection. It accepts donations in US dollars. You can make a contribution here.




Bloomberg quint

Yourstory.com