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 compliance, and streamlined processes. Key Insights from Income Tax Data Increased Contributions from High Earners The number of taxpayers earning over ₹50 lakh annually grew fivefold, from 1
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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.
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