55 percent increase in average gross income of individual taxpayers in 8 years

Mumbai: India is gaining momentum on the economic front. Apart from the internal and border challenges, Brexit, corona epidemic, despite the recession in the world including America, India has remained at the top position in the global economy. According to a research report, there has been a significant jump in the average gross income of individuals in India. Average personal income in assessment year 2013-14 is around Rs. 4.5 lakh, which in 2021-22 increased to Rs. It has reached around 7 lakhs.

An interesting fact mentioned in a media report based on data from the Ministry of Finance is that the income of the poor has increased more than the rich. During this period, the income of the richest 1 percent increased by 42 percent, while the income of the poorest 25 percent increased by a bumper 58 percent.

There has been an increase in the number of individual taxpayers filing ITR between the financial years 2013-14 and 2021-22. During this period, the number of taxpayers with income between Rs 5 lakh and Rs 10 lakh has increased by 295 per cent, while the number of taxpayers with income between Rs 10 lakh and Rs 25 lakh has increased by 291 per cent. In 2013-14, 2.62 crore individuals with annual income up to Rs 5 lakh filed income tax returns. In 2021-22, this number has increased to 3.47 crore with a growth of 32 percent.

The number of income tax return filers increased from 3.36 crore to 6.37 crore during this period. This represents a growth of about 90 percent.

The number of people who filed income tax returns in the last financial year was 7.41 crore, out of which 53 lakh people filed income tax returns for the first time.

Statistics released by the Finance Ministry show that the number of people filing income tax returns is increasing every year. However, considering the total population of India, this number still seems very low.