Gross revenue of particular person taxpayers see a big leap. (File picture: News18)
The enhance in common gross complete revenue for high 1 per cent particular person taxpayers is 42 per cent whereas that for backside 25 per cent particular person taxpayers is 58 per cent
India’s common gross complete revenue for particular person taxpayers elevated 56 per cent to almost Rs 7 lakh within the evaluation yr 2021-22, from about Rs 4.5 lakh in AY 2013-14. The enhance within the revenue of the highest 1 per cent particular person taxpayers was 42 per cent, whereas that of the underside 25 per cent was 58 per cent, in keeping with the newest finance ministry information.
Between AY 2013-14 and AY 2021-22, the quantity of ITRs filed by particular person taxpayers within the revenue brackets of Rs 5 lakh-Rs 10 lakh and Rs 10 lakh-Rs 25 lakh additionally jumped 295 per cent and 291 per cent, respectively.
“The average gross total income for individual taxpayers increased from about Rs. 4.5 lakh in AY 2013-14 to about Rs. 7 lakh in AY 2021-22 representing an increase of 56 per cent. The increase in average gross total income for the top 1 per cent individual taxpayers is 42 per cent while that for the bottom 25 per cent individual taxpayers is 58 per cent,” the finance ministry mentioned in an announcement.
In the vary of gross complete revenue as much as Rs 5 lakh, the quantity of returns filed by particular person taxpayers has elevated from 2.62 crore in AY 2013-14 to three.47 crore in AY 2021-22 registering a rise of 32 per cent. This vary of revenue contains people having revenue under taxable restrict who might not be submitting returns.
In the vary of gross complete revenue of Rs. 5 lakh to Rs. 10 lakh, and Rs. 10 lakh to Rs. 25 lakh, the quantity of returns filed by particular person taxpayers from AY 2013-14 to AY 2021-22 has registered a rise of 295 per cent and 291 per cent, respectively.
The returns filed by particular person taxpayers have elevated from 3.36 crore within the evaluation yr (AY) 2013-14 to six.37 crore in AY 2021-22 registering an total enhance of 90 per cent. During the present fiscal additionally, 7.41 crore returns have been filed for AY 2023-24 until date, together with 53 lakh new first-time filers.
“The proportionate contribution of gross total income of top 1 per cent individual taxpayers vis-à-vis all individual taxpayers has decreased from 15.9 per cent in AY 2013-14 to 14.6 per cent in AY 2021-22. The proportionate contribution of gross total income of bottom 25 per cent individual taxpayers vis-à-vis all individual taxpayers has increased from 8.3 per cent in AY 2013-14 to 8.4 per cent in AY 2021-22,” the ministry said.
The proportion of gross complete revenue of center 74 per cent group of particular person taxpayers elevated from 75.8 per cent to 77 per cent within the above interval, it added.
(*7*)Source hyperlink
