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ITR: The number of people paying income tax has increased surprisingly. While the number of millionaire taxpayers was only 44 thousand in the financial year 2013, this figure has reached 2.2 lakh in the financial year 2024. In just 10 years, the Indian economy has showered wealth on the rich. This has been revealed in the report of SBI Economic Research. This report includes all those people who have declared their assets worth more than Rs 1 crore in the assessment year.
Personal income tax collection left corporate tax behind.
According to this report of SBI Economic Research, due to continuous improvements in the tax system, the share of direct tax has increased to 56.7 percent of the total tax revenue. In the financial year 2023, this figure was 54.6 percent. Also this figure is the highest in 14 years. Personal Income Tax collection has overtaken Corporate Tax collection. Besides, the total number of taxpayers has also increased by 2.3 times in a decade. The total taxpayers have increased to 8.62 crore in assessment year 2024. The highest increase is for those earning more than Rs 10 lakh.
Middle class increased rapidly, ITR filing figures also on the rise
It has been said in the report that the middle class segment in the country is growing rapidly. Those with income of Rs 1.5 to 5 lakh in assessment year 2014 have come into the income group of Rs 2.5 to 10 lakh in assessment year 2024. Besides, the number of women taxpayers has also increased to 15 percent of the total taxpayers. SBI Group Chief Economic Advisor Soumya Kanti Ghosh said that the number of ITR filings is increasing every year. The government has worked to bring forward the people of lower income group by making schemes for them.
Total 334 billionaires in the country, 75 new billionaires added in one year
According to the recently released Hurun India Rich List, there are a total of 334 billionaires in the country. Compared to the year 2023, 75 new billionaires have been added to this figure. A total of 97 city people were included in this list. This figure is also increasing every year. The number of Income Tax Returns is increasing every year. This year about 7.3 crore people have filed ITR. By March 2025, this figure may cross 9 crores.
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