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Income Tax Update: Prime Minister Narendra Modi During the tenure of 10 years, the income tax burden on taxpayers earning less than Rs 20 lakh who fall in the middle class category has reduced. Whereas the tax burden on those earning more than Rs 50 lakh annually has increased during the same period.
People earning Rs 50 lakh annually increased 5 times
According to income tax return filing data, the number of taxpayers whose annual income is more than Rs 50 lakh was 1.85 lakh in 2013-14, which has increased by 5 times to 9.39 lakh in 2023-24. The tax burden on those with income above Rs 50 lakh has also increased. In 2014, he had to pay tax of Rs 2.52 lakh. It has increased to Rs 9.62 lakh in 2024.
76 percent tax comes from them!
The Economic Times quoted sources as saying that 76 percent of the income tax that the government is receiving is coming from taxpayers earning more than Rs 50 lakh. This has brought great relief to the taxpayers falling in the middle class category and the tax burden on them has reduced. Taxpayers whose annual income is more than Rs 50 lakh are now filing higher income tax returns. The main reason for this is the government’s efforts to stop tax evasion and the law brought by the Modi government to prevent black money. A total of 8 crore income tax returns have been filed in the assessment year 2024-25, out of which 74 percent of the taxpayers have filed returns under the new tax regime.
Tax burden reduced on them
When the Modi government came to power, even those with annual income up to Rs 2 lakh had to pay income tax. But later, due to deductions and tax exemptions announced by the government, individuals whose annual income is up to Rs 7 lakh no longer have to pay income tax. There has been a decline in the total tax collection from taxpayers whose annual income is less than Rs 10 lakh and it has come down from 10.1 percent in 2014 to 6.22 percent in 2024. The tax liability on taxpayers with income between Rs 2.5 lakh and Rs 7 lakh is Rs 43,000 in 2023-24, which is 4-5 percent of their total income and is the lowest among all emerging economies.
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