« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  Agri income likely to stay out of tax net... I-T form altered to seek more info... » Tax base will not exceed 50 million: Revenue dept August, 19th 2006 The revenue department, for the first time, has said the maximum tax base would not be more than 50 million or 5 per cent of the country's population. At present, there are 30 million tax payers in the country. “The average size of the households is about 5 people and in most, not more than one person may be the earning member. In addition, various exemptions and deductions are allowed to different categories of taxpayers, which also reduces the tax base. Taking into account the above facts, it was felt that the maximum tax base would not be more than 5 per cent of the population,” the finance ministry said in a statement tabled today in the Lok Sabha. The statement was on the status of the implementation of report of the standing committee on finance, relating to the revenue department. The ministry also said the tax-GDP ratio of the Centre was projected to reach 11.2 per cent in the current fiscal. The increase in the ratio was mainly on account of the rationalisation and removal of tax exemptions and concessions laid down in the Income Tax Act, it said. It added that a white paper on information technology in tax administration would soon be submitted to the standing committee. “The department is continuously reviewing all deductions and concessions and wherever such concessions are found to have outlived their utility and economic rationale, they would be either removed or rationalised,” the ministry said. Admitting that 61 per cent of the transactions reported in the annual information returns (AIRs) did not contain a permanent account number, the ministry said several measures had been initiated to address the issue. Also, the initial low compliance by sub-registrars of property in filing AIR had been addressed after the matter was taken up with the state governments. The number of registrars and sub-registrars who have filed AIRs has increased to 1,170 on March 15, compared to 372 on December 7 last year against a total number of 3,626 registrars and sub-registrars in the country, it said. The ministry also said while it had accepted, in principle, the suggestion of the committee to increase the percentage of scrutiny beyond the present ceiling of two per cent, it was not possible to implement the same in view of the acute shortage of manpower in the income tax department. “The ceiling of two per cent will be reviewed depending upon the availability of man power in future,” it said.