Quick Answer: Which Religion Pays Highest Tax In India?

Who is paying highest tax in India?

actor Salman KhanThe Bollywood actor Salman Khan ranked as the highest known tax payer across India in 2017, with advanced tax payments of 445 million Indian rupees.

Akshay Kumar followed suite with tax payments worth 295 million rupees that year..

Which income is not taxable in India?

Income Tax Slab for Financial Year 2019-20 The income tax slab under which an individual falls is determined based on the income earned by an individual. The individuals whose income is less than Rs. 2.5 lakh per annum are exempted from tax.

Which caste is richest in India?

Upper caste Hindus are the richest community in India owning 41% of total assets: Study. A recent wealth distribution survey revealed that just 22% of upper caste hindus own almost 41% of the total wealth in India. According to the survey, the Scheduled Tribes accounted for the lowest share, in terms of assets at 3.7%.

Which part of India is the poorest?

In its annual report of 2012, the Reserve Bank of India named the state of Goa as having the least poverty of 5.09% while the national average stood at 21.92% The table below presents the poverty statistics for rural, urban and combined percentage below poverty line (BPL) for each State or Union Territory.

Do freelancers need to pay tax in India?

According to Section 80 of the Income Tax Act, a freelancer can cut down his/her tax outgo by more than Rs 1.5 lakh if they invest a specific amount in tax-saving instruments. Freelancers who are just below the age of 60 and have an income of around Rs 2.5 lakhs per annum also qualify to pay taxes on their revenue.

Which is the richest religion in India?

Jains are the wealthiest religious community in India. Delhi and Punjab are the richest states. Bihar is the poorest. These are the findings of the fourth round of National Family Health Survey (NFHS-4), recently released by the ministry of health and family welfare.

Which religion is most richest?

Global. According to a study from 2015, Christians hold the largest amount of wealth (55% of the total world wealth), followed by Muslims (5.8%), Hindus (3.3%), and Jews (1.1%).

Is 10 crore a lot of money?

While some people say that 10 crore is enough to retire comfortably in India, other professionals use a much broader, 80% thumb rule. The 80% thumb rule says that after you retire, you need enough money in your bank account to live on 80% of your current income for the rest of your life.

Can Jain marry Hindu?

Jains, Hindus, and Brahmin are allowed to get married as long as: The lifestyles of the two people are close enough. The family has no major objections.

Who is the highest tax payer in India 2018?

Amitabh BachchanAmitabh Bachchan beats Akshay Kumar, Salman Khan to become the highest tax payer in 2018-19, pays Rs 70 crore.

What is the tax for 1 crore in India?

​New income tax slabs and rates Surcharges on tax remain untouched. Taxpayers with income between Rs 50 lakh and Rs 1 crore continue to pay 10% surcharge, between Rs 1 crore and Rs 2 crore pay 15%, between Rs 2 crore and Rs 5 crore pay 25% and those with income over Rs 5 crore pay 37%.

Can we deposit 1 crore bank?

If FD interest rate is 6.5%, then you get Rs 6.5 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 54,167. … If FD interest rate is 7.5%, then you get Rs 7.5 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 62,500.

Is Ambani Jain?

According to one news report, a good chunk of the company’s shareholders are also strict vegetarians like Ambani and belong to the Gujarati community (as Ambani does himself) or are Jains. A spokesperson of the company confirmed to Forbes that the move was being mulled within the group for a few months now.

Which incomes are tax free?

Certain investments can also provide tax-free income, including municipal bonds and the holdings in Roth retirement accounts.Disability Insurance Payments. … Employer-Provided Insurance. … Health Savings Accounts. … Life Insurance Payouts. … Income Earned in Seven States. … Corporate Income Earned in Six States.More items…

How is tax calculated?

Tax is charged as a percentage of your income. The percentage that you pay depends on the amount of your income. The first part of your income, up to a certain amount, is taxed at 20%. This is known as the standard rate of tax and the amount that it applies to is known as the standard rate tax band.

How much tax do Jains pay?

According to statistics Jains arguably the most successful ,educated ,and prosperous people of india They are less than 5 million which is less than . 5 %of indian population and contribute 24%of total income tax collection of india !! The Jains have the highest literacy rate in India, 94.1.

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

Who is the richest Jain in India?

Business leaders / top executivesAjit Gulabchand – leader of HCC Limited.Anand Jain – owner of Jai Corporations, Mumbai.Arun Jain – Chairman and Managing Director of Intellect Design Arena. … Vinay Jain – Mitthan Lal Marketing Ltd.Vinay Maloo – Chairman of Enso Group.Ambalal Sarabhai – Sarabhai group of Companies.More items…