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Tax burden on middle class reduced
November 14, 2024
|The New Indian Express Bengaluru
After exemption limit raised from ₹2L to ₹7L, number of zero I-T return filers see major rise
TAX burden on the middle class has come down noticeably over the last 10 years, a government source said on Wednesday.
He said that after the income tax exemption limit was raised from ₹2 lakh to ₹7 lakh, there has been a marked increase in the number of individuals filing zero income tax returns, a source told TNIE.
Since the introduction of the new exemption limit in 2024, there has been a notable decline in the percentage of income tax collection from taxpayers earning less than ₹10 lakh.
"The contribution of this group has decreased from 10.17% of the total tax paid in 2014 to just 6.22% in 2024," the source said.
هذه القصة من طبعة November 14, 2024 من The New Indian Express Bengaluru.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة، وأكثر من 9000 مجلة وصحيفة.
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