Income levels rose at remarkable rate in 9 years: PM Modi

livemint.com:

Narendra Modi on Friday said India is making significant strides towards achieving equitable and collective prosperity, as evidenced by a broader tax base and a rise in the average income of people filing tax returns. Citing two separate analysis, Modi said in a short article posted on social media that research showed that not only have incomes risen but so has compliance, calling it “a manifestation of the spirit of trust which the people have in our government." Citing research by SBI, the PM said the weighted mean income has made “a commendable leap" in nine years, from Rs4.4 lakh in assessment year (AY) 2014 to Rs13 lakh in FY23. In FY23, tax payers filed returns for incomes earned in the previous financial year.

Modi also said a study by noted journalist Anil Padmanabhan suggested a widening tax base, across various income brackets. Each bracket has seen a minimum threefold increase in tax filings, some even achieving a nearly fourfold surge, Modi said. Further, the research highlighted positive performance, in terms of increase in income tax filings, across states, he said.

When comparing income tax return (ITR) filings between 2014 and 2023, the data paint a promising picture of increased tax participation across all states, he said, citing Padmanabhan’s research. For instance, ITR filing data analysis showed Uttar Pradesh has emerged as one of the top-performing states in filings. In June 2014, UP reported a modest 165,00 ITR filings, but by June 2023, the figure rose to 1.19 million, Modi said.