1264779 SIP myths you must know!

About half of Indians do not want to pay income tax and only about a quarter who are fully ready to pay tax. This information has emerged from Money9’s personal finance survey conducted on Indian families. This survey conducted on more than 35,000 in 115 districts of 20 states of the country has revealed that 47 percent of Indians do not want to pay income tax.

According to the survey, only 24 percent Indians are completely ready to pay tax, although there are 29 percent Indians who want to pay tax but only up to a certain limit. According to survey data, almost half of the Indians are those who want very low tax rate.

The survey shows that 49 percent of Indian families want only 5 percent income tax rate, 37 percent families want 10 percent income tax rate and 9 percent families are ready to pay income tax up to 15 percent. There are only 4 percent families who are ready to pay income tax up to 20 percent and only 1 percent families are ready to pay more than 20 percent tax. The maximum rate of income tax in the country is 30 percent.

Recently, Parliament was told by the government that during the financial year 2022-23, more than 7.40 crore people filed income tax returns, but among them, 5.16 crore people had no income tax liability. Only 2.24 crore people have paid tax.

India’s Pulse Personal Finance Survey was conducted during August to November. The survey was conducted in 10 different languages, it included 1,140 villages or urban wards of the country. This survey gives complete information about the earnings, expenses, savings and investments of Indians.