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 Crisis of 2008, the subsequent macro-economic fragility in the early 2010s and the formalisation push which was unleashed by the Narendra Modi government since 2016. The data is all the more important because we do not have a consumption expenditure survey, economic census, decennial census or survey of informal sector enterprises in the last few years. And sure enough, its analysis has been rewarding: An HT analysis shows that the real economic winner over the last decade has been the white-collar salaried workforce.

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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.

Economic Survey 2023-24: Tax policies to have major role in tackling income inequality
5 months ago

Economic Survey 2023-24: Tax policies to have major role in tackling income inequality

New Indian Express  

NEW DELHI: Tax policies will have a major role to play in tackling income inequality in the coming years as deployment of technology, like AI, can have a more deleterious impact on employment and income, the Economic Survey said on Monday. The 2022 State of Inequality in India report observed that in India, the top 1 per cent accounts for …

Revive India’s unorganized sector to raise incomes and tackle unemployment
5 months, 1 week ago

Revive India’s unorganized sector to raise incomes and tackle unemployment

Live Mint  

The release of the Annual Survey of Unincorporated Sector Enterprises by the National Statistical Office fills an important data gap in our understanding of what is happening in the unorganized sector. The net impact of this is that the total number of workers in the unorganized sector has fallen from 111.3 million in 2015-16 to 110 million in 2022-23. While …

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. …

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 — …

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 Department claims record 6.77 crore ITRs filed till July 31 for Assessment Year 2023-24
1 year, 4 months ago

Income Tax Department claims record 6.77 crore ITRs filed till July 31 for Assessment Year 2023-24

India TV News  

The income tax department on Monday stated that a record 6.77 crore income tax returns for the Assessment Year 2023-24 were filed till July 31 this year, including 53.67 lakh first-time payers. It further stated that July's income tax returns are 16.1 per cent more than the total ITRs for Assessment Year 2022-23. "The total number of ITRs for AY …

Over 6 crore Income Tax Returns filed for 2022-23 fiscal: Government data
1 year, 4 months ago

Over 6 crore Income Tax Returns filed for 2022-23 fiscal: Government data

India TV News  

Income Tax Return: The Income Tax Department on Sunday shared that more than 6 crore tax returns have been filed for income earned in the 2022-23 fiscal. The last date for filing income tax returns for the previous year by salaried class and those who do not have to get their accounts audited is July 31. Giving statistics on the …

5.83 Crore Income Tax Returns Filed Till July 31, Record 72.42 Lakh On Last Day
2 years, 4 months ago

5.83 Crore Income Tax Returns Filed Till July 31, Record 72.42 Lakh On Last Day

ABP News  

New Delhi: A record 72.42 lakh income tax returns were filed on the last day of such filing on July 31, taking the cumulative returns to 5.83 crore, near to the same levels of last year. "The surge of filing ITRs peaked on July 31, 2022 with over 72.42 lakh ITRs being filed on a single day," an official statement …

Budget 2022: Expanding PLI schemes to small businesses will democratise Atmanirbhar Bharat
2 years, 10 months ago

Budget 2022: Expanding PLI schemes to small businesses will democratise Atmanirbhar Bharat

Firstpost  

It’s Budget time and almost everyone has high expectations of India’s finance minister. Before the previous year’s Budget, the mood was dull, with expectations revolving around government support through regulatory measures, and not much around tax cuts. What we expect from Budget 2022 Fintech • Given the stellar role played by fintech in the financial inclusion of a scale unheard …

More Than 5.95 Crore Income Tax Returns Filed This Year
3 years, 11 months ago

More Than 5.95 Crore Income Tax Returns Filed This Year

News 18  

Income tax returns filed this year have risen by about 5 per cent to nearly 6 crore as more businesses and entities filed annual income statements. Over 5.95 crore income tax returns for the fiscal year ended March 31, 2020 were filed by January 10, the Income Tax Department said. The tax department in a tweet said 5.95 crore ITRs …

Income Tax Returns: Over 5.27 crore ITRs filed for fiscal 2019-20 till Jan 7
3 years, 11 months ago

Income Tax Returns: Over 5.27 crore ITRs filed for fiscal 2019-20 till Jan 7

India TV News  

More than 5.27 crore income tax returns for fiscal year 2019-20 have been filed till January 7, the Income Tax Department said on Friday. "More than 5.27 crore Income Tax Returns for AY 2020-21 have already been filed till 07th of January, 2021," the Income Tax Department said in a tweet. About 2.8 crore ITR-1 returns have been filed till …

Income Tax Returns: Over 4.54 crore ITRs filed for fiscal 2019-20 till Dec 29
3 years, 11 months ago

Income Tax Returns: Over 4.54 crore ITRs filed for fiscal 2019-20 till Dec 29

India TV News  

With just two days left for the deadline for individuals to file income tax returns to end, the IT department on Wednesday said more than 4.54 crore tax returns for 2019-20 fiscal have been filed till December 29. "More than 4.54 crore Income Tax Returns for AY 2020-21 have already been filed till 29th of December, 2020," the I-T department …

India's Richest 1% Seeks to Maintain Wealth Share, While Millions Struggle to Climb Out of Poverty
6 years, 11 months ago

India's Richest 1% Seeks to Maintain Wealth Share, While Millions Struggle to Climb Out of Poverty

The Quint  

The Oxfam survey has released its annual report on wealth distribution, highlighting the stark wealth gap between the 1% and the rest of the population. India's richest 1 percent holds 58% of the country's wealth, with their wealth increasing by over Rs 20.9 lakh crore in 2017. This indicates that the wealth of the richest 1 percent is disproportionately high …

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