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Tax burden on middle class reduced
The New Indian Express Bengaluru
|November 14, 2024
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.
This story is from the November 14, 2024 edition of The New Indian Express Bengaluru.
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