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, …
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 National Pension System is an India-based voluntary based contribution retirement savings plan governed by the Pension Fund Regulatory and Development Authority. Suresh Surana, Founder, RSM India Tax Benefits by way of deduction with respect to Employee’s Contribution: Section 80CCD of the IT Act provides for deduction on contributions to pension scheme notified by Central Government. Tax Benefits by way …
