“36% of taxpayers move from lower to higher income tax bracket during FY14-FY22”, Business Standard, January 18, 2024:
States such as Maharashtra, Gujarat, Delhi, and Karnataka, which have been traditional leaders in income tax base are nearing saturation and their share in the overall tax base is decreasing continuously while Uttar Pradesh as emerged as the leader in increasing its share in the Income tax base, followed by Andhra Pradesh, Rajasthan, Punjab, Madhya Pradesh and Haryana, according to a report by SBI Research.
The Economic Research Department of the State Bank of India published a report on on income inequality and taxpayers’ data earlier this month, which shows that income tax returns filed by individual taxpayers in India earning between Rs 5 lakh and Rs 10 lakh jumped by 295 per cent in the assessment years 2013-14 and 2021-22, showing a positive trend of migration to a higher range of gross total income.
Individual income inequality has significantly declined during FY14-FY22 because of a “great migration” at the bottom of the pyramid, as individual’s weighted mean income rose from Rs 3.1 lakh to Rs 11.6 lakh during FY14-FY21…..”
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