Income Tax: Prime Minister Narendra Modi led Central Government of India has taken many steps to prevent corruption. Government has changed some rules to achieve a corruptionless economy system. The new income tax pay system also a relief for the middle class families.
Rs 9.62 lakh in 2024!
In the last 10 years, the tax burden on those earning more than Rs 50 lakh has increased. In the year 2014, where they had to pay Rs 2.52 lakh tax, it has now increased to Rs 9.62 lakh in 2024. According to sources, 76 per cent of the income tax that the government is getting comes from taxpayers earning more than Rs 50 lakh. The tax burden on people earning more than Rs 50 lakh in a year has increased during this period.
According to the income tax return filing data, the number of taxpayers whose annual income exceeds Rs 50 lakh was 1.85 lakh in 2013-14, which has increased 5 times to 9.39 lakh in 2023-24. This has brought great relief to the taxpayers coming in the middle class category and the tax burden on them has reduced. Taxpayers with annual income of more than Rs 50 lakh are now filing higher income tax returns. The main reason for this is the government’s exercise to prevent tax evasion and the law brought by the Narendra Modi government to curb black money.
8 crore income tax returns have been filed
In the assessment year 2024-25, a total of 8 crore income tax returns have been filed, out of which 74 percent taxpayers have filed returns under the new tax regime. When the Modi government came to power, those with an annual income of up to Rs 2 lakh also had to pay income tax. However, due to the deductions and tax exemptions announced by the government, such individuals whose annual income is up to Rs 7 lakh are now exempted from paying income tax.
For taxpayers whose annual income is less than Rs 10 lakh, the tax collected from them in total tax collection has come down from 10.1 per cent in 2014 to 6.22 per cent in 2024. The tax liability on taxpayers with income between Rs 2.5 lakh and Rs 7 lakh stood at Rs 43,000 in 2023-24, which is 4-5 per cent of their total income and is the lowest among all emerging economies.