Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs

Q: How long will it take to read this news story?

The story "Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs" has 481 words across 16 sentences, which will take approximately 3 - 5 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs" was covered 1 weeks ago by Business Standard, a news publisher based in India.

Q: How trustworthy is 'Business Standard' news outlet?

Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news. The outlet is headquartered in India and publishes an average of 326 news stories per day. It's most recent story was published 6 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Negative, indicating that people regard this as "bad news".

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #23572626</li><li>URL: https://beamstart.com/news/five-fold-jump-in-itr-17315114521097</li></ul>

Business Standard Logo Business Standard 1w ago

Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs - Business Standard

Quick Summary:

Tax burden on individuals earning less than Rs 20 lakh a year, broadly described as middle class, has come down during the 10 years of Prime Minister Narendra Modi-led government, while there has been a substantial increase in taxes paid by those having annual income above Rs 50 lakh, sources said on Wednesday.

As per the income tax return (ITR) filing data, the number of individuals showing annual income of over Rs 50 lakh has gone up to over 9.39 lakh in 2023-24, a five-fold jump from 1.85 lakh in 2013-14.

Also, the income tax liability of those earning above Rs 50 lakh has gone up 3.2 times, from Rs 2.52 lakh crore in 2014, to Rs 9.62 lakh crore in 2024.