Decoding the great Indian taxpayer
5 years, 2 months ago

Decoding the great Indian taxpayer

Live Mint  

The salaried income tax payer in India often feels cheated. A small portion of India’s salaried population pays the bulk of its individual income tax, which gets redistributed to others and doesn’t benefit the taxpayers that much. Further, a huge jump in the income declared by the salaried class has essentially been responsible for the overall increase in individual income tax earned by the government over the years. The number of people paying an individual income tax of greater than ₹1.5 lakh has increased from 1.38 million in AY13 to 3.49 million in AY19. Also, as we have seen, there has been a great jump in the income tax returns filed by the salaried individuals, and that has possibly led to a great proportion of filers paying taxes.

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History of this topic

Personal income taxes help direct tax collections rise 16% to Rs 16.9L cr
1 day, 7 hours ago

Personal income taxes help direct tax collections rise 16% to Rs 16.9L cr

New Indian Express  

NEW DELHI: Net direct tax collection in FY25 increased by 16% to Rs 16.9 lakh crore, driven mainly by strong personal income tax collection. Personal income tax collections during the period surged 21.6% to Rs 8.74 lakh crore compared to Rs 7.2 lakh crore. For the current financial year, the government has a target of collecting Rs 22 lakh crore …

Mohandas Pai shares his Budget 2025 wishlist: No tax up to ₹5 lakh, large tax slabs, relief for middle class & more
1 week, 6 days ago

Mohandas Pai shares his Budget 2025 wishlist: No tax up to ₹5 lakh, large tax slabs, relief for middle class & more

Live Mint  

Former Infosys CFO TV Mohandas Pai has requested a set of reforms in the upcoming budget, which is scheduled to be announced in February 2025. Pai has asked Prime Minister Narendra Modi to make Budget 25-26 “a year of Big Reforms.” In a post on X, he suggested a list of reforms the government could implement. The former Infosys CFO …

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?
2 weeks, 4 days ago

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?

Live Mint  

Every year, India’s salaried class eagerly awaits relief in income tax. New income tax regime Individuals earning up to ₹3 lakh annually are exempt from income tax under the new tax regime that was implemented in 2020. Slabs Tax rate Upto ₹ 3 lakh Nil ₹ 3-7 lakh 5% ₹ 7-10 lakh 10% ₹ 10-12 lakh 15% ₹ 12-15 lakh …

Budget 2025: India eyes income tax relief for middle class earning up to ₹15 lakh, check details
2 weeks, 5 days ago

Budget 2025: India eyes income tax relief for middle class earning up to ₹15 lakh, check details

Live Mint  

NEW DELHI - India is considering cutting income tax for individuals making up to 1.5 million rupees a year in February's budget to provide relief to the middle class and boost consumption as the economy slows, two government sources told Reuters. The move could benefit tens of millions of taxpayers, especially city dwellers burdened by high living costs, if they …

Modi govt’s 2025 budget likely to slash personal income tax, says report
2 weeks, 5 days ago

Modi govt’s 2025 budget likely to slash personal income tax, says report

Firstpost  

The potential tax relief is expected to benefit tens of millions of taxpayers, particularly urban residents facing high living costs. A final decision is expected closer to the budget announcement on February 1 India is weighing a proposal to cut income tax for individuals earning up to Rs 1.5 million annually in its upcoming budget, aiming to ease the financial …

Government may consider tax relief for income of up to Rs 10.50 lakh: Report
2 weeks, 6 days ago

Government may consider tax relief for income of up to Rs 10.50 lakh: Report

India Today  

The government is reportedly considering a tax cut for individuals earning up to Rs 10.5 lakh annually, potentially providing significant relief to middle-class taxpayers. As of now, taxpayers can choose between two systems: the traditional structure, which provides exemptions for expenses like housing rentals and insurance, or the newer regime, which offers lower tax rates but eliminates most exemptions. One …

Centre mulls income tax cut in 2025-26 Budget amid middle-class heat
2 weeks, 6 days ago

Centre mulls income tax cut in 2025-26 Budget amid middle-class heat

New Indian Express  

The Union government is reportedly considering a reduction in income tax for individuals earning up to Rs 15 lakhs, according to a media report. Notably, India’s income tax system features two regimes, offering taxpayers the choice between deductions and lower tax rates. Under OTR, the tax slabs for individuals below 60 years are as follows: income up to Rs 2.5 …

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS
4 weeks ago

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS

India TV News  

Income tax returns: The country's population may be the largest in the world, but Indians are still lagging behind in filing income tax returns. The latest data shows that only 6.68 per cent of India's population filed income tax returns for the financial year 2023-24, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya …

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat
1 month, 2 weeks ago

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat

Live Mint  

Balancing fiscal prudence with the need to provide a growth impetus has been a hallmark of our government over past Union budgets. Particularly praiseworthy is the government’s proposal to undertake a comprehensive review of the Income Tax Act of 1961 within the context of reviewing the entire direct and indirect taxation regime. On the indirect taxation side, the 2024-25 budget …

State of income tax in India: Rich pay more, middle class less
2 months ago

State of income tax in India: Rich pay more, middle class less

Firstpost  

Income tax liability on salaried individuals earning less than Rs 20 lakh a year, broadly described as middle class, has fell sharply during the 10 years of Prime Minister Narendra Modi-led government. Also, the income tax liability of those earning more than Rs 50 lakh has increased 3.2 times or 282 per cent, from Rs 2.52 lakh crore in 2014, …

Income Tax Returns data shows that 5 times more people are earning over 50 lakhs per year since PM Modi came to power, pay over 75% of taxes
2 months ago

Income Tax Returns data shows that 5 times more people are earning over 50 lakhs per year since PM Modi came to power, pay over 75% of taxes

Op India  

Over the course of last ten years, the number of income tax filers has increased by an astounding 120%, as per media reports. The data from income tax return filings shows that the number of people with yearly incomes over Rs 50 lakh surged five-fold from 1.85 lakh in 2013–14, to over 9.39 lakh in 2023–24. Furthermore, from Rs 2.52 …

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate
Trending News
2 months ago

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate

Live Mint  

Data from the Income Tax Department reveals a shift in India’s tax landscape over the past decade, with the share of tax collected from individuals earning less than ₹10 lakh dropping from over 10% to 6.22%. Tax collection from this group has tripled, rising from ₹2.52 lakh crore in 2014 to ₹9.62 lakh crore in 2024, data showed. “Tax liability …

It is time India started indexing tax slabs and exemptions with inflation
Trending News
2 months ago

It is time India started indexing tax slabs and exemptions with inflation

Live Mint  

NEW DELHI : One of the big stories of the Indian economy has been the sharp increase in personal income tax collections. As the government’s revenue from personal income tax rises, it will likely face greater scrutiny and higher taxpayer expectations regarding the tax system's efficiency, transparency, stability, and fairness. The old tax regime evolved over several decades, allowing individuals …

Income Tax Filers Exceed 2.3 Lakh, with High Majority Being Businesspersons and Professionals
2 months, 3 weeks ago

Income Tax Filers Exceed 2.3 Lakh, with High Majority Being Businesspersons and Professionals

Hindustan Times  

Number of taxpayers with over ₹1 crore of taxable income rose significantly in the assessment year 2023-24. The number of taxpayers with more than ₹1 crore of taxable income increased by more than five times, reaching nearly 2.3 lakh. This surge in income earners is attributed to the rise in the number of salaried individuals earning over ₹1 crore, with …

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore
2 months, 3 weeks ago

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore

ABP News  

India's tax filers have seen a significant surge in recent years, with the number of individuals reporting taxable incomes exceeding Rs 1 crore surging fivefold in the assessment year 2023-24. This growth has been driven by both an increase in the total number of taxpayers and an increase in the number of individuals with taxable incomes exceeding Rs 1 crore.

Income Tax Department Sees Doubled Number of Income Taxpayers in 10 Years
2 months, 4 weeks ago

Income Tax Department Sees Doubled Number of Income Taxpayers in 10 Years

New Indian Express  

The number of income taxpayers has doubled in the past 10 years, with direct tax collection tripling during the same period. Tax buoyancy has shown a sharp improvement, indicating that the growth in tax collection was more than double the nominal GDP growth rate. This is a positive sign for the Indian economy, as it suggests that the country is …

Reforming India's tax culture for better tax to GDP ratio
5 months, 4 weeks ago

Reforming India's tax culture for better tax to GDP ratio

Hindustan Times  

For India to achieve its economic goal of becoming a developed country by 2047, it must mobilise massive resources to build the nation. However, India's approach has been to levy high indirect taxes through multiple Goods and Services Tax slabs while offering significant exemptions to individual taxpayers. The current tax exemption policy for low-income earners, aimed at reducing the financial …

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment
8 months, 2 weeks ago

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment

News 18  

In India, advance tax denotes the tax individuals, companies, and businesses pay ahead of time instead of deferring payment until the end of the financial year. As per section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax in advance, in the form of ‘Advance Tax’. The presumptive taxation scheme …

Naysayers Have It Wrong, Incomes in India Are Rising
1 year ago

Naysayers Have It Wrong, Incomes in India Are Rising

News 18  

The state of income in India has suddenly become a topic of raging discussion after former RBI Governor Raghuram Rajan and economist Rohit Lamba suggested that the country cannot escape the lower-middle income trap by 2047. India’s gross direct tax collections in the ongoing financial year, until November 9, have increased almost 18 per cent to Rs 12.37 lakh crore. …

Gross income of taxpayers rose 56% in 8 yrs, from ₹4.5 lakh to ₹7 lakh: Govt
1 year, 2 months ago

Gross income of taxpayers rose 56% in 8 yrs, from ₹4.5 lakh to ₹7 lakh: Govt

Hindustan Times  

NEW DELHI: The average gross income of individual taxpayers rose 56% from ₹4.5 lakh to ₹7 lakh in eight years ending assessment year 2021-22 and there was a 90% jump in the number of people filing income-tax returns during this period indicating rising income and widening of tax base due to India’s economic resilience and the government’s focus on compliance, …

‘Super rich’ incomes’ share ebbing amid middle-class mobility: CBDT
1 year, 2 months ago

‘Super rich’ incomes’ share ebbing amid middle-class mobility: CBDT

The Hindu  

India’s tax base has widened sharply since 2013-14, with individuals moving up the income ladder and the proportion of super-rich taxpayers’ incomes declining, the Central Board of Direct Taxes said on Thursday, days after the Congress cited income tax data to show widening income inequality in the country. The overall number of income tax returns filed by individuals has risen …

Congress attacks government on issue of income inequality
1 year, 2 months ago

Congress attacks government on issue of income inequality

The Hindu  

The Congress on October 23 charged that the gap between the ultra-rich and the middle class in the country is widening under the Modi government. Congress general secretary Jairam Ramesh said an analysis of the publicly available data on income tax returns for the period 2013-14 to 2021-22 confirms one of the essential themes of the Bharat Jodo Yatra — …

The rise and rise of white-collar salaried aristocracy in India
1 year, 4 months ago

The rise and rise of white-collar salaried aristocracy in India

Hindustan Times  

There were around 76,000 more so-called crorepatis by income tax returns in 2022-23 when compared to 2021-22. But even more illuminating is the publication of Income Tax Return data – this includes both income tax and corporation tax filings – for assessment year 2019-20, 2020-21 and 2021-22 recently. The Indian economy has seen multiple disruptions such as the Global Financial …

PM Modi says 13.5 crore Indians rose above poverty line in last 5 years
1 year, 4 months ago

PM Modi says 13.5 crore Indians rose above poverty line in last 5 years

Live Mint  

New Delhi: A staggering 13.50 crore Indians have risen above the poverty line in the past five years, Prime Minister Narendra Modi said on Monday quoting a recent NITI Aayog report. Speaking at the Madhya Pradesh Rozgar Mela, the prime minister said, “When decisions are made with positive thinking, right intention, and full integrity, the whole environment gets filled with …

Direct tax collection grows 17% to ₹5.84 tn
1 year, 5 months ago

Direct tax collection grows 17% to ₹5.84 tn

Live Mint  

The central government has collected ₹5.84 trillion in net direct tax revenues as of 10 August, marking a significant 17% improvement over a year-ago, according to an official statement. This accounts for about one third of the ₹18.2 trillion direct tax collection target of the government for FY24. The Central Board of Direct Taxes said in a statement quoting provisional …

Unless we get into technology, system cannot be taxpayer friendly: Finance Minister Nirmala Sitharaman
1 year, 5 months ago

Unless we get into technology, system cannot be taxpayer friendly: Finance Minister Nirmala Sitharaman

India TV News  

Finance Minister Nirmala Sitharaman on Monday addressed the 164th Income Tax Day event in Delhi. Over 5.16 cr declared zero tax liability: Sitharaman in Lok Sabha Earlier while speaking in the Lok Sabha today, the finance minister said number of entities, including individuals, who filed income tax returns increased by 6.18 per cent in 2022-23 to over 7.40 crore, of …

Income Tax Return Filing Online: Easy Steps To File ITR 1 Sahaj, Check Details Here
1 year, 9 months ago

Income Tax Return Filing Online: Easy Steps To File ITR 1 Sahaj, Check Details Here

News 18  

An income tax return is a document that you file with the Indian tax department to report your income, deductions, and taxes paid for a particular financial year. The finance ministry has allowed individuals against whom search and seizure operations were carried out by the IT authorities to file revised income tax return in ITR-1 form for assessment year 2023-24. …

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view
1 year, 11 months ago

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view

Live Mint  

One of the biggest limelight of the Budget 2023 is none other than personal income tax slabs which have been modified further and are likely to boost consumption demand. - The income Tax rebate limit is increased to ₹7 lakh from ₹5 lakh - The surcharge rate is slashed to 25% from 37% under the new tax regime. The income …

Budget 2023: How the new tax regime is different from the existing one
1 year, 11 months ago

Budget 2023: How the new tax regime is different from the existing one

Hindustan Times  

A look at the old and new income tax slabs. Those individuals with income between ₹5 lakh and ₹7 lakh had to pay 10 per cent tax. The tax payers earning between ₹7.5 lakh and ₹10 lakh had to pay 15 per cent income tax. Those earning between ₹3 lakh and ₹6 lakh will have to pay 5 per cent …

Budget 2022: Replacing Income Tax with Expenditure Tax is the Blockbuster Reform India Needs
3 years ago

Budget 2022: Replacing Income Tax with Expenditure Tax is the Blockbuster Reform India Needs

News 18  

Every stimulus package to boost the economy has its own burdening impact on the country’s fiscal position. If personal income tax is done away with, about 6.32 crore people will have the freedom from the burden of submitting annual Income Tax Returns. The various organisations complying with TDS will also be free from the burden of collecting, remitting and submitting …

Why personal income tax rates need a revision
3 years ago

Why personal income tax rates need a revision

India Today  

With the budget comes the hope and expectation of tax rate cuts, especially for the salaried class. Corporate tax rates are amongst the most competitive in the world with no room for further rationalisation—down to 15 per cent for new manufacturing units. But in terms of income tax rates, the salaried tax payers continue to be taxed at relatively higher …

Income Tax Return for AY 2020-21: Who cannot file ITR1?
4 years, 2 months ago

Income Tax Return for AY 2020-21: Who cannot file ITR1?

Live Mint  

The Income Tax department of India specifies a few conditions where an individual cannot use ITR1 to file his or her income tax. Income for this purpose includes income from salary or pension, income from one house property and income other sources such as interest from bank account. An individual who fulfills any of the below mentioned conditions, cannot file …

Income Tax Refund: Govt Not Considering Modifications in ITR Form, Say Sources
4 years, 4 months ago

Income Tax Refund: Govt Not Considering Modifications in ITR Form, Say Sources

News 18  

Taxpayers will not have to mention their high-value transactions in their income tax return and the government is not considering any modification in the form, according to sources. Any expansion in reporting under the statement of financial transactions will mean that such reporting of high-value transactions to the income tax department will be done by financial institutions, the sources said. …

A taxpayer-friendly administration could get friendlier still
4 years, 5 months ago

A taxpayer-friendly administration could get friendlier still

Live Mint  

Over the past few years, the government has embarked on a mission of major tax reforms, with the focus on reduction in tax rates, simplification of tax laws, efficiency, transparency and ease of paying taxes. Industry is hopeful that not only would the tax department continue to play a critical role in the growth of the nation, but will also …

Budget 2020: Income tax slabs lowered for those who forgo exemptions
4 years, 11 months ago

Budget 2020: Income tax slabs lowered for those who forgo exemptions

The Hindu  

In a proposal to simplify the personal income tax regime, Finance Minister Nirmala Sitharaman, in the Union Budget 2020 speech, said the income tax rates would be “significantly reduced” for those who forgo reliefs and exemptions and the new rates would be optional. Accordingly, a person earning Rs 15 lakh per anum and not availing any deductions will pay ₹1.95 …

Income Tax Slabs revised, BIG relief to middle class. Details here
4 years, 11 months ago

Income Tax Slabs revised, BIG relief to middle class. Details here

India TV News  

Income Tax Slab Revision 2020-21: Finance Minister Nirmala Sitharaman on Saturday delivered major relief to tax payers by slashing tax rates and restructuring the tax slabs. Presenting the Budget 2020 in the Lok Sabha, Sitharaman proposed to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5 to 7.5 lakhs …

Budget 2020: Modi govt's toughest economic test and a tricky equation
4 years, 11 months ago

Budget 2020: Modi govt's toughest economic test and a tricky equation

India Today  

With estimated GDP in 2019-20 at an 11-year-low of 5 per cent, India is nowhere close to attaining the growth rate required to become a five trillion USD economy by the end of 2024. For example, the last prominent income tax benefit announced by the government was a full tax rebate on income up to Rs 5 lakh per annum …

Personal income tax rate cut can revive economy
5 years, 1 month ago

Personal income tax rate cut can revive economy

Live Mint  

With the next budget of the Centre less than two months away, one thing the government can do to revive the economy is cut personal income tax rates or increase the tax slabs and thus put more money in the hands of people. Of the total 58.7 million income tax returns filed in the 2018-19 assessment year, 94%, or 55.3 …

As India aims for $5 trillion economy, direct tax data show wealth concentrated in 3 states
5 years, 2 months ago

As India aims for $5 trillion economy, direct tax data show wealth concentrated in 3 states

India Today  

In his Independence Day speech, Prime Minister Narendra Modi announced that his government has set a goal of making India a $5 trillion economy by 2024-25. The latest data on tax collection released by the Central Board of Direct Taxes show that Maharashtra, Delhi and Karnataka alone contribute 61 per cent to the country’s total revenue from direct taxes. For …

Interactive: Compare your income with other taxpayers
5 years, 2 months ago

Interactive: Compare your income with other taxpayers

The Hindu  

As many as 5.52 crore individual income taxpayers filed their returns in Assessment Year 2018-19, 18% higher than the previous AY, according to the Income Tax Department’s tax data released recently. Individuals owed a total of ₹3.17 lakh crore in income tax in AY 2018-19 -- about 16% higher than the previous year. If you are not able to view …

Income tax department releases data on crorepati taxpayers
5 years, 2 months ago

Income tax department releases data on crorepati taxpayers

Live Mint  

If data from the income tax department's records is taken into account, India had more than 97,000 people earning a taxable income of over ₹1 crore in the financial year 2017-18. 7 things to know about income tax department's statistics: 1) India's super-rich club of those earning taxable income of above ₹500 crore has only 3 individuals. 2) Interestingly, over …

Number of income tax payers jumps 13.8% to 84.5 million
5 years, 3 months ago

Number of income tax payers jumps 13.8% to 84.5 million

Live Mint  

The number of income tax payers rose to 84.5 million in the 2018-19 assessment year, a jump of 13.8% from the previous year in line with double-digit growth in tax receipts and the number of returns filed, official data showed on Friday. Successive rounds of GST rate cuts as well as the improvement in income tax compliance have led to …

Number of crorepati taxpayers shoot up 20% to 97,689: CBDT data
5 years, 3 months ago

Number of crorepati taxpayers shoot up 20% to 97,689: CBDT data

India TV News  

The number of crorepati taxpayers shot up 20 per cent to 97,689 during assessment year 2018-19, as per tax returns data released by the revenue department. The Central Board of Direct Taxes on Friday released time-series data updated up to fiscal year 2018-19 and income-distribution data for AY 2018-19. If all taxpayers are included, the number of those with taxable …

Govt's tax rise for high earners may trigger fund flight: Former RBI governor Bimal Jalan
5 years, 5 months ago

Govt's tax rise for high earners may trigger fund flight: Former RBI governor Bimal Jalan

Firstpost  

Former Reserve Bank of India governor, Bimal Jalan, has warned that the higher income taxes the government introduced in its budget could lead to a flight of funds from the country New Delhi: Former Reserve Bank of India governor, Bimal Jalan, has warned that the higher income taxes the government introduced in its budget could lead to a flight of …

Here’s why you should file tax returns if you have foreign trips, steep electricity bills
5 years, 6 months ago

Here’s why you should file tax returns if you have foreign trips, steep electricity bills

The Hindu  

The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of ₹5 lakh. So, any person who has in the previous year “deposited an amount or aggregate of the amounts exceeding ₹1 crore in one or more current account maintained with a banking company or a co-operative …

File tax returns if you have foreign trips, steep electricity bills
5 years, 6 months ago

File tax returns if you have foreign trips, steep electricity bills

Live Mint  

New Delhi: The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of ₹5 lakh. So, any person who has in the previous year "deposited an amount or aggregate of the amounts exceeding ₹one crore in one or more current account maintained with a banking company or …

Effective income tax rate goes up for super-rich. Details here
5 years, 6 months ago

Effective income tax rate goes up for super-rich. Details here

Live Mint  

Finance Minister Nirmala Sitharaman today presented the first Budget of the Modi 2.0 government. According to the Budget proposals, income tax surcharge on individuals having taxable income above ₹2 crore will have to pay higher surcharge, thus leading to higher effective tax rate for them. Earlier, tax payers with taxable income between ₹50 lakh and ₹1 crore lakh had to …

Union Budget 2019: India's income tax base not wide in proportion to population; taxpayers' number rises in past 5 years
5 years, 6 months ago

Union Budget 2019: India's income tax base not wide in proportion to population; taxpayers' number rises in past 5 years

Firstpost  

Income tax is a major source of direct taxation in India. Those with incomes between Rs 5,00,001 and Rs 10 lakh need to pay Rs 12,500, in addition to a 20 percent income tax after deducting Rs 5,00,000 from the total income. Those earning between Rs 3 to 5 lakh need to pay 5 percent of the total income as …

RORs need to report all assets held outside India
5 years, 11 months ago

RORs need to report all assets held outside India

Live Mint  

I will return to India after staying in Dubai for seven years. If you qualify as “non resident” or “resident but not ordinarily resident” in India as per the India income tax law, your income will be taxable only on the following incomes: a. Further, an individual who qualifies as “resident and ordinarily resident” is mandatorily required to file tax …

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