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56% Of India’s Late Income Tax Filers Are Below 30 Years of Age
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Monday, July 16, 2012:
As per the findings of “India Tax Ratio 2012” report conducted by TaxSpanner, India’s largest and most trusted website for filing of income tax, 56% of India’s late income tax filers are below 30 years of age. Only 17% of people above the age of 36 years file their returns late.
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While 50% of Indians file their taxes in the last month of July, around 46% of salaried employees file their taxes in the last week of July. 41% of men file their returns late compared to 46% of women who are late filers.
Bangalore leads the nation in terms of late filers at 39% followed by NCR at 24%. On the other hand, people from Hyderabad and Chennai contribute about 9% each to the late filers.
The report reveals that while 45% of the return filers in Bangalore file their returns after 3rd week of July, only 39% of the return filers in NCR region file their returns post 3rd week of July.
Says Ankur Sharma, CEO, TaxSpanner, “As part of the company’s commitment to creating awareness about the e-filing process, TaxSpanner recently launched the “Tax Back Offer" wherein one lucky ITR will be selected every week, and the selected person will get the entire income tax money back, which he/she has paid during FY2011-12.The offer provides a real incentive to people to file their ITR early and avoid the last minute rush. “
Late filing does not reflect complexity in the financials of the late filers. Around 96% of late filers had no other income except salary.”
The survey further mentions that amongst males, those in NCR have the best tax ratio of 5%, even at an average income of Rs. 6 Lac. Those in Bangalore have the worst tax ratio of 8%, at an average income of Rs. 7 Lac. Females in Chennai are the best tax planners. Even at an average income of Rs. 4 Lac, their Average Tax Ratio is only 2%, much lesser than their counterparts, as well as males, in other cities. Average Tax Ratio of salaried individuals earning Rs. 5 to 10 Lac is 9%, however there are only 0.6% people in this category with “0%” Tax Ratio. Tax Ratio is the percentage of gross salary paid as tax.
The study covered employees from over 500 corporates and banks in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. A questionnaire was administered to the employees in these companies.
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