Tax payers file their income-tax returns. As many as 7.41 crore I-T returns have been filed to this point this 12 months, which embrace 53 lakh first-time tax filers. File
| Photo Credit: The Hindu
India’s tax base has widened sharply since 2013-14, with people shifting up the earnings ladder and the proportion of super-rich taxpayers’ incomes declining, the Central Board of Direct Taxes (CBDT) stated on Thursday, days after the Congress cited earnings tax knowledge to indicate widening earnings inequality within the nation.
The general variety of earnings tax (I-T) returns filed by people has risen from 3.36 crore to six.37 crore via evaluation years 2013-14 to 2021-22, whereas there may be additionally a rise in variety of returns filed by particular person taxpayers throughout numerous ranges of gross complete earnings, the CBDT stated in an announcement.
“In the range of gross total income up to ₹5 lakh, the number of returns filed by individual taxpayers has increased from 2.62 crore in AY 2013-14 to 3.47 crore in AY 2021-22, registering an increase of 32%. This range of income includes individuals having income below taxable limit who may not be filing returns,” the board identified.
Migration to increased vary
For increased earnings ranges of ₹5 lakh to ₹10 lakh, and ₹10 lakh to ₹25 lakh, the variety of particular person returns filed surged 295% and 291% people over the identical interval, respectively. “This indicates that individual taxpayers are showing a positive trend of migration to higher range of gross total income,” the CBDT stated.
Digging deeper into the info reveals that the proportionate contribution of gross complete earnings of prime 1% particular person taxpayers vis-à-vis all particular person taxpayers has decreased from 15.9% to 14.6%, the board stated, whereas the share of the underside 25% taxpayers elevated from 8.3% to eight.4% over the identical interval.
“The proportion of gross total income of middle 74% group of individual taxpayers increased from 75.8% to 77% in the above period,” the assertion stated, including that the typical gross complete earnings for particular person taxpayers elevated from about ₹4.5 lakh to about ₹7 lakh over the nine-year interval, representing a rise of 56%.
“The increase in average gross total income for top 1% individual taxpayers is 42% while that for bottom 25% individual taxpayers is 58%,” it added.
The knowledge signifies “robust growth in the gross total income of individuals across different income groups subsequent to AY 2013-14”, the board emphasised, including this was mirrored within the enhance in internet direct tax collections from ₹6.38 lakh crore in 2013-14 to ₹16.61 lakh crore in 2022-23.
As many as 7.41 crore I-T returns have been filed to this point this 12 months, which embrace 53 lakh first-time tax filers.
