Modi regime sees five-fold jump in ITR filers with income above Rs 50 lakh; middle class tax burden falls
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.
A source said that 76 per cent of income tax collected is from those earning above Rs 50 lakh a year. This has led to reduced tax burden on the middle class.
Also, the increase in number of people filing ITRs with annual income above Rs 50 lakh is due to «strong anti tax evasion and black money laws implemented by the Modi government», the source added.
The source further said that in 2014, individuals earning above Rs 2 lakh a year had to pay income tax. However, because of various exemptions and deductions announced by the Modi government, individuals earning up to Rs 7 lakh need not pay any taxes.
The percentage of income tax collection from taxpayers earning less than Rs 10 lakh has reduced, from 10.17 per cent of the total tax paid in 2014, to 6.22 per cent in 2024.
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