THE government recently claimed that Income tax burden on the common man has come down in the last 10 years, thanks to the Narendra Modi-led government's various measures. It claimed that taxpayers in the ₹2.5-7 lakh tax bracket who paid on an average ₹25,000 (₹43,000 after adjusting for inflation) in FY14 are now paying zero tax. Even those in the ₹7-10 lakh income category, the average tax they paid in FY24 was only ₹43,000.
Has the tax burden on the middle class indeed come down? Let us do a reality check on the government claims.
A historical context To understand the impact of these changes, let's take a look at the income tax scenario from FY 2013-14 to FY 2024-25. In FY 2013-14, an individual earning ₹250,000 was not liable to pay any tax after considering available rebates. Fast forward to FY 2024-25, and the basic exemption limit under the Old Tax Regime stands at ₹500,000. This shift illustrates the government's recognition of rising living costs and its attempt to alleviate some of the financial burdens on taxpayers.
This story is from the November 18, 2024 edition of The New Indian Express.
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This story is from the November 18, 2024 edition of The New Indian Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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