India Tax Ratio 2012 report by TaxSpanner - At 40% Bangalore has the highest number of house owners followed by Hyderabad at 17%.
-- As per the findings of the 'India Tax Ratio 2012' report by TaxSpanner, India's largest and most trusted website for filing of income tax, only 56% of salaried employees in India own a house despite earning more than Rs. 10 lac as annual income. Tax Ratio is the percentage of gross salary paid as tax by employees. At 40% Bangalore has the highest number of house owners followed by Hyderabad at 17%. Amongst those having an income below Rs. 5 Lac, only 6.8% own a house. Also, only 20% house owners are below 30 years of age.
Says Ankur Sharma, CEO, TaxSpanner, "The figures clearly indicate that there are only a few people who recognize owning a house as a smart investment and tax planning option in the beginning of their career. The deductions available to individuals as a homeowner can reduce their tax bill substantially. We at TaxSpanner are committed to educating people about intelligent tax planning so as to improve their overall financial well-being."
The study covered employees from over 500 corporates in major cities, including the Delhi NCR, Mumbai, Chennai, Bangalore and Hyderabad. The corporates include names like SBI, HCL, American Express, Citibank and Google. A questionnaire was administered to the employees in these companies.
The report shows that the largest percentage of house owners is in the age bracket of 31-35 years at 42%.The percentage of house owners in the age group 21-30 years is 20% with the percentage of house owners in the age group 21-25 years contributing only 1%.
Interestingly, about 60% of home owners having income more than Rs. 10 Lac are also claiming HRA exemption and hence taking benefit of both home loan deduction as well as HRA exemption.
Source: Press release distribution via India PRwire
Notes to Editor
Established in 2007, TaxSpanner is based out of New Delhi and Bangalore. Since then, it has grown to build the largest customer base in the income tax e-filing space. The company is an *Indian Angel Network investee*company, mentored by well known investors such as Deep Kalra and Raman Roy amongst many others. TaxSpanner has been authorized by the Income Tax department of the Government of India as an e-return intermediary. SSL encryption is used to ensure that client information is highly secure. Consistently ranked as *the best online tax preparer (by Money Today in 2009 and by Mint in 2010), *itis recommended by top employers to their employees for compliance, confidentiality and ease-of-use. Some of our *key clients* include names like Accenture, HCL, American Express, Alcatel, NIIT, Citibank, Google, SAP, Oracle, Sapient, Bharati, Syndicate Bank, ICICI Bank and HSBC. TaxSpanner's vision is to empower every individual to gain the advantage of being actively involved in his/her financial life. The company's mission is to provide definitive solutions that streamline the service delivery process in personal taxation and finance space by minimizing human interface. TaxSpanner strives towards this goal by providing accurate information on current tax laws through customer support of the highest quality. The *founders of TaxSpanner* have a unique and extensive domain expertise in the field of software based solutions development, income tax and financial consulting. They are Ankur Sharma, CEO Sudhir Kaushik, CFO, Manoj Yadav, CSO, and Sumit Grover, COO.
*Why TaxSpanner?*
TaxSpanner's products speak for themselves. The following features make TaxSpanner the best choice for customers to file their tax returns online:
- While many tax sites get slow and make e-filing cumbersome, TaxSpanner makes it quick and easy for clients by asking them to just email their Form 16 and taking them home from there.
- Its interface is user-friendly and prevents any clutter on the screen.
- It is the only private website that facilitates e-filing of ITR-4, meant for taxpayers with income from business or profession.
- It provides an option of getting a professional to review your Income Tax Returns.
- There are tutorials to handhold clients through the e-filing process.
- TaxSpanner does not sell other financial products in the guise of filing tax returns. It does not share the data of its customers with any third party. By following this rule, the company values its users and rescues them from the trouble of receiving unwanted calls.
For more information, please contact:
Subhashish Bharuka (CEO, Springhead Communications) (L) 9818805342
Source: http://news.pluggd.in/less-than-56-percent-salaried-individuals-in-india-own-a-house-221/
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