Gross income of taxpayers rose 56% in 8 yrs, from ₹4.5 lakh to ₹7 lakh: Govt
Hindustan TimesNEW 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, an official time-series data showed. The increase in average gross total income for top 1% individual taxpayers is 42% while that for bottom 25% individual taxpayers is 58% Citing the data, the Union finance ministry on Thursday said the number of ITR filings has shown a consistent upswing over the last few years as returns filed by individual taxpayers have increased from 3.36 crore in assessment year 2013-14 to 6.37 crore in AY 2021-22. The statement said the average gross total income for individual taxpayers increased from about ₹4.5 lakh in AY 2013-14 to about ₹7 lakh in AY 2021-22, representing an increase of 56%. 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%, it said.