Quick Summary
The government has claimed a significant reduction in the tax burden on middle-class individuals earning less than ₹20 lakh annually over the past decade, while the tax contributions from high-income earners (above ₹50 lakh) have surged. This shift is attributed to evolving tax policies, enhanced co
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
For individuals earning less than £10 lakh annually, their share of the tax burden has dropped from 10.17% to 6.22%. Adjusted for inflation, this represents a 60% decline in tax liabilities over the decade.
The number of taxpayers earning over £50 lakh annually has grown fivefold, and their tax liability has risen 3.2 times, now accounting for 76% of the total income tax collected.
A decade ago, income above £2 lakh was taxed, whereas today, income up to £7 lakh is tax-exempt under the new tax regime.
Yes, individual income tax returns have increased by 121% over the past decade, reaching 7.97 crore in 2023-24.
Simplifying tax brackets and filing processes remains a priority, alongside potentially extending tax relief to the middle class to stimulate private consumption and domestic demand.
CAclubindia
