56% Jump! Gross Income of Individual Taxpayers Rises From Rs 4.5 Lakh To 7 Lakh In 8 Years: Govt
56% Jump! Gross Income of Individual Taxpayers Rises From Rs 4.5 Lakh To 7 Lakh In 8 Years: Govt
The increase in average gross total income for top 1 per cent individual taxpayers is 42 per cent while that for bottom 25 per cent individual taxpayers is 58 per cent

India’s average gross total income for individual taxpayers increased 56 per cent to nearly Rs 7 lakh in the assessment year 2021-22, from about Rs 4.5 lakh in AY 2013-14. The increase in the income of the top 1 per cent individual taxpayers was 42 per cent, while that of the bottom 25 per cent was 58 per cent, according to the latest finance ministry data.

Between AY 2013-14 and AY 2021-22, the number of ITRs filed by individual taxpayers in the income brackets of Rs 5 lakh-Rs 10 lakh and Rs 10 lakh-Rs 25 lakh also jumped 295 per cent and 291 per cent, respectively.

“The average gross total income for individual taxpayers increased from about Rs. 4.5 lakh in AY 2013-14 to about Rs. 7 lakh in AY 2021-22 representing an increase of 56 per cent. The increase in average gross total income for the top 1 per cent individual taxpayers is 42 per cent while that for the bottom 25 per cent individual taxpayers is 58 per cent,” the finance ministry said in a statement.

In the range of gross total income up to Rs 5 lakh, the number of returns filed by individual taxpayers has increased from 2.62 crore in AY 2013-14 to 3.47 crore in AY 2021-22 registering an increase of 32 per cent. This range of income includes individuals having income below taxable limit who may not be filing returns.

In the range of gross total income of Rs. 5 lakh to Rs. 10 lakh, and Rs. 10 lakh to Rs. 25 lakh, the number of returns filed by individual taxpayers from AY 2013-14 to AY 2021-22 has registered an increase of 295 per cent and 291 per cent, respectively.

The returns filed by individual taxpayers have increased from 3.36 crore in the assessment year (AY) 2013-14 to 6.37 crore in AY 2021-22 registering an overall increase of 90 per cent. During the current fiscal also, 7.41 crore returns have been filed for AY 2023-24 till date, including 53 lakh new first-time filers.

“The proportionate contribution of gross total income of top 1 per cent individual taxpayers vis-à-vis all individual taxpayers has decreased from 15.9 per cent in AY 2013-14 to 14.6 per cent in AY 2021-22. The proportionate contribution of gross total income of bottom 25 per cent individual taxpayers vis-à-vis all individual taxpayers has increased from 8.3 per cent in AY 2013-14 to 8.4 per cent in AY 2021-22,” the ministry stated.

The proportion of gross total income of middle 74 per cent group of individual taxpayers increased from 75.8 per cent to 77 per cent in the above period, it added.

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