Articles for Individual Taxpayers

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, …

Income Crore Total Itr Individual Gross Returns
‘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 …

Tax Income Total Individual Gross Returns Cbdt
Where does India stand in the world in comparison of individual tax rates?
1 year, 10 months ago

Where does India stand in the world in comparison of individual tax rates?

Live Mint  

With the Union Budget just a few days away, the expectations are high around significant changes in individual taxes. Indian scenario: India follows the progressive tax slab rate system for individual taxpayers, where the tax rate is determined based on varied factors: a) Age groups: Normal taxpayers, Senior citizens and Super senior citizens where senior people enjoy a higher basic …

India Tax Income Countries Rate Rates Individual
Union Budget 2022-23: Taxpayers may get incentives for moving to new income tax regime
2 years, 11 months ago

Union Budget 2022-23: Taxpayers may get incentives for moving to new income tax regime

India Today  

Taxpayers may be offered some incentives for switching to the optional income tax regime in the upcoming Union Budget 2022-23. Union Budget 2022-23: Some existing tax exemptions may be phased out A similar alternate income tax structure was announced by Finance Minister Nirmala Sitharaman on February 1, 2020 for individual taxpayers. Tax rates came down under the new income tax …

Budget Income Tax Exemptions Regime Individual Tax Rates Taxpayers
What NRIs expect from Budget FY22
3 years, 11 months ago

What NRIs expect from Budget FY22

Live Mint  

Financial year 2020-21 started under the cloud of the coronavirus lockdown and almost every sector of the economy has borne the brunt of the pandemic over the last nine months. Extending the provisions for tax withholding at 5% or 10% of the rental payments to NRI taxpayers would provide a significant relief while at the same time does not impact …

India Tax Budget Indian Income Rate Benefit