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 — that of increasing income inequality. The top 1% of income tax payers saw their income grow at 13% year-on-year from 2013-14 to 2021-22 — a massive 60% faster than the income of the lowest 25% of tax payers," the Congress leader claimed. Mr. Ramesh said after adjusting for inflation, the lowest 25% tax-payers actually took home less real income in 2022 than in 2019. Meanwhile, the real income of the top 1% jumped 30% from ₹7.9 lakh crore in FY19 to ₹10.2 lakh crore in FY22.

Congress Income Tax Lakh Crore  congress  class  lakh  crore  inequality  attacks  issue  lowest  ultrarich  payers  middle  income  tax

History of this topic

Only 6.68 pc of population filed income tax return in 2023-24 fiscal | DEATILS
6 days, 7 hours 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 …

State of income tax in India: Rich pay more, middle class less
1 month, 1 week 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
1 month, 1 week 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
1 month, 1 week 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 …

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

Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report
4 months, 2 weeks ago

Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report

Hindustan Times  

Tax defaults in India have skyrocketed by 1000% in the last ten years and litigation associated with it has also consequently risen, according to a Moneycontrol report, which cited data compiled from various Union Budgets. Tax defaults in India skyrocketed by 1000% in the last ten years and associated litigation has also consequently risen How much tax default did India …

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months ago

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways

Hindustan Times  

Finance minister Nirmala Sitharaman on Tuesday proposed the much-awaited change in the income tax slabs as she tabled the first Union Budget of the new Narendra Modi government. "Under the new tax regime, tax rate structure to be revised as follows - ₹0- ₹3 lakh -Nil; ₹3-7 lakh -5%; ₹7-10 lakh-10%; ₹10-12 lakh-15%; ₹12-15 lakh- 20% and above ₹15 lakh-30%," …

Old vs proposed income tax slabs under new regime. What has changed?
5 months ago

Old vs proposed income tax slabs under new regime. What has changed?

Hindustan Times  

Union finance minister Nirmala Sitharaman on Tuesday proposed a new tax structure under the new regime. Budget 2024: Mobile phones, chargers to get cheaper; Nirmala Sitharaman proposes cut in customs duty The new tax slabs under the new income tax regime will be effective from April 1, 2024.. Proposed Tax Structure: Income up to ₹ 3,00,000: Nil 3,00,000: Nil ₹ …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months ago

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?

Hindustan Times  

The Union Budget 2024 could provide Income Tax relief for low earners looms large amid rising prices in the country. Experts believe that a reduction in Income Tax could address economic challenges in the country as Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 on July 23. This change would boost consumption, …

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress
5 months, 1 week ago

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress

New Indian Express  

NEW DELHI: With the personal income tax collections exceeding the corporate tax collections, the Congress alleged on Sunday that the corporate tax cut has put over Rs 2 lakh crore in the "pockets of billionaires," while the middle class continues to bear the weight of heavy taxation. The opposition party's attack on the government came a day after data released …

Economic redistribution: Who’s afraid of progressive taxes?
7 months, 3 weeks ago

Economic redistribution: Who’s afraid of progressive taxes?

Live Mint  

India’s political debate on inheritance tax and wealth tax has led to fears of tax terrorism, with the incumbent National Democratic Alliance using the issue to attack the principal opposition party, Congress. On the other hand, tax data from the World Inequality Database suggests that both income and wealth inequality in India are at their highest levels ever since records …

Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern
7 months, 3 weeks ago

Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern

The Hindu  

Over the last week, during the election campaign, the Congress’ manifesto and the party’s emphasis on social justice and welfare were suddenly thrust into the limelight. The data also show that revenues from personal income tax and securities transaction tax grew at almost double the pace compared to revenues from corporate taxes last year. Chart 1 | the chart shows …

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?
8 months, 3 weeks ago

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?

Deccan Chronicle  

The view from the penthouse and the pavement is staggeringly different. By 2022-23, the top one per cent income and wealth shares are at their highest historical levels; India’s top one per cent income share is among the very highest in the world, higher than even South Africa, Brazil, and the United States, notes the paper, titled “Income and Wealth …

Top 1% Indians’ income share is higher now than under British-rule: Data
9 months ago

Top 1% Indians’ income share is higher now than under British-rule: Data

The Hindu  

March 23, 2024 08:28 am | Updated 05:23 pm IST In 2022, 22.6% of the national income went to the top 1% of Indians. Chart 2 | The chart shows the year-wise share of national income for the top 10%, the bottom 50% and the middle 40% of the population To start with, in the 1950s and 60s, the income …

Decoding India’s economic realities: Comparing the state of the economy under the NDA and UPA governments
10 months, 1 week ago

Decoding India’s economic realities: Comparing the state of the economy under the NDA and UPA governments

The Hindu  

February 12, 2024 11:06 pm | Updated February 13, 2024 09:54 pm IST With the BJP-led government exuding over-confidence on the state of the economy, the interim Budget presented earlier this month has shifted focus to fiscal consolidation. Even then, the simple truth which is evident from the official data is that on average, real GDP growth was at least …

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary
10 months, 2 weeks ago

India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary

The Hindu  

February 06, 2024 08:19 pm | Updated 09:05 pm IST - NEW DELHI India’s tax-to-GDP ratio is expected to hit a record high of 11.7% of GDP in 2024-25, led by an uptick in the more ‘equitable’ direct taxes, and the government will continue to simplify and rationalise the tax regime to reduce disputes, litigation and intrusive means of enforcement, …

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, 1 month 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, 1 month 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 …

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 …

SBI Research reveals formalisation of MSMEs under Modi govt
1 year, 4 months ago

SBI Research reveals formalisation of MSMEs under Modi govt

Op India  

The Modi government has helped in the formalisation of the country’s Micro, Small and Medium Enterprises, revealed a research report published by the State Bank of India on Tuesday. Udyam registration across States and change in ITR filings across States, chart via SBI Research/ RBI “…Around 22 million micro small and medium enterprises have registered on the Udyam portal …We …

Income of Middle-Class Indians Jumps 3 Times In 10 Years; 13.6% Leave Lower-Income Strata: SBI Report
1 year, 4 months ago

Income of Middle-Class Indians Jumps 3 Times In 10 Years; 13.6% Leave Lower-Income Strata: SBI Report

News 18  

Showing a significant increase in middle-class income, India’s weighted mean income has jumped about three times from Rs 4.4 lakh to Rs 13 lakh between FY2012-13 and FY2021-22, according to an SBI Research report. In the assessment year 2011-12, 16 million people had filed ITR with the maximum concentration of 84 per cent population belonging to income group of up …

1.69 lakh individuals reported annual income of over ₹1 crore in ITR
1 year, 4 months ago

1.69 lakh individuals reported annual income of over ₹1 crore in ITR

Hindustan Times  

Individuals reporting annual total income of over ₹one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above ₹ 1 crore. As per the tax return data filed in assessment year 2022-23, …

Income-tax collections grow 20% in one year, nears ₹20 lakh crore mark
1 year, 8 months ago

Income-tax collections grow 20% in one year, nears ₹20 lakh crore mark

Hindustan Times  

NEW DELHI: The Union finance ministry on Monday reported over 20% year-on-year jump in gross direct tax revenue at ₹19.68 lakh crore for the financial year ending March 31, 2023, days after it declared about 22% annualised growth in Goods and Services Tax collections at ₹18.1 lakh crore, reflecting sustained growth in economic activities, better tax administration and ease of …

Net direct tax growth for 2022-23 to slow to 15%
1 year, 8 months ago

Net direct tax growth for 2022-23 to slow to 15%

The Hindu  

India’s net direct tax collections growth, which stood at about 17% for this year by early March, is expected to moderate to 15% for the full financial year 2022-23, a top Finance Ministry official told The Hindu. By February 10, the growth rate stood at 18.4%, which declined further to 16.8% by March 10, when the total net direct tax …

How taxes are calculated on salary above ₹7 lakh in new regime? A quick view
1 year, 10 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, 10 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 …

#Incometax trends on Twitter after Nirmala Sitharaman's Budget 2023 speech. Best memes
1 year, 10 months ago

#Incometax trends on Twitter after Nirmala Sitharaman's Budget 2023 speech. Best memes

India Today  

Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in Parliament today. This year’s budget comes at a time when India’s economy faces challenges from a host of global factors; a steep rise in inflation and a possible GDP growth slowdown in the financial year 2024. However, the finance minister announced some relief for taxpayers as she proposed a new …

Govt Rakes In Rs 13,63,649 Crore As Direct Tax In FY23, Collection Up By 26% Over Last Fiscal Year
2 years ago

Govt Rakes In Rs 13,63,649 Crore As Direct Tax In FY23, Collection Up By 26% Over Last Fiscal Year

ABP News  

New Delhi: India's gross direct tax collections stood at Rs 13,63,649 crore, recording a 25.90 per cent growth, in the financial year, as against ₹10,83,150 crore in the same period for the preceding year. 9,47,959 Cr in the corresponding period of the preceding Financial Year, representing an increase of 19.81%: Ministry of Finance pic.twitter.com/TYrUFhKmCm — ANI December 18, 2022 Notably, …

Income Inequality Declined in India During Covid-19, Nation Managed Shocks Well: SBI Report
2 years, 5 months ago

Income Inequality Declined in India During Covid-19, Nation Managed Shocks Well: SBI Report

News 18  

Inequality of Income in India has declined significantly since FY17, while inequality has also declined during the pandemic, according to the latest SBI Ecowrap research report. The decline in income inequality has been significant since FY17, the year of big bang formalisation that started with demonetisation, RERA reforms and GST reform in FY18, said the report authored by Soumya Kanti …

Most Indians want tax on the rich, top firms
2 years, 10 months ago

Most Indians want tax on the rich, top firms

Deccan Chronicle  

Chennai: More than 80 per cent of Indians support a tax on the rich and corporations who earned record profits during the pandemic, a nationwide survey conducted ahead of the Budget by Fight Inequality Alliance India said. The study had said that an annual wealth tax in India would raise $78.3 billion a year with a 2 per cent tax …

What should the government do to address deepening inequality?
2 years, 10 months ago

What should the government do to address deepening inequality?

Business Standard  

As the Budget season comes around, we’re again hearing a lot about India’s inequality problem. In the latest round of the ICE 360 Survey 2022, conducted by the People Research on India’s Consumer Economy, it was found that the annual income of the poorest 20% of Indian households -- which was constantly rising since 1995-- plunged 53% in the pandemic …

Discover Related